South Korea's Minister of Knowledge Economy, Choi Kyung-hwan, will attend this year's World Economic Forum (WEF) annual meeting in Davos, the ministry said Wednesday.

In particular, Choi has been invited as a special guest to participate in the "smart grid session," where he will introduce South Korea's promotion strategies in the smart grid sector and underscore the need for global cooperation in developing the technology, ministry officials said.

Choi is also planning to ask for the creation of an international working group committee in the smart grid sector, while showcasing South Korea's pilot community on Jeju Island that will be set up to conduct research and development and the training of related personnel, according to the ministry.

Last week, South Korea signed a memorandum of understanding ( MOU) with the U.S. state of Illinois agreeing to cooperate in the creation of a pilot community in Jeju Island, where both sides will check feasibilities of existing technologies and operations in the smart grid sector.

A smart grid is a modernized form of electricity network where real-time monitoring of electricity output and demand is possible, which also applies solar panels and wind generators into its main power grid, allowing consumers to store energy and sell it back to the power company.