Seoul has been providing technical consultations on the construction of the new, highly connected "smart town" at the request of the Bolivian government since 2014, the ministry said.

A number of South Korean firms have also worked with the South American nation to help build the new town, it noted.

The project is said to be worth US$3.2 billion, and will be completed by 2035. The town, once built, will be home to some 350,000 people in 100,000 households.

"I hope the naming of the street will lead to an expansion of South Korean companies' participation in the project to build a new town in Santa Cruz, which will also mark South Korea's first export of a new, smart town," Kim Kyung-hwan, vice minister of land, infrastructure and transport, was quoted as saying while attending the naming ceremony in Bolivia.

"Furthermore, I hope bilateral cooperation between the two countries will expand to various other areas." (Yonhap)