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In Ecuador it's known as the "City of Knowledge." Yachay is around 120 kilometers north of the capital Quito and aims to become an international hub for high-tech innovation. It's a process President Rafael Correa has called the most important project in Ecuador's history.

The bar is set high: the ambition of Ecuadorian authorities is to use this place to transform the country's economy. It's Yachay - the City of Knowledge - the first planned and purpose built town in the country's history.  

It's to house universities, technology entrepreneurs to be a center for all kinds of advanced research -- modeled after tech parks like Silicon Valley in the US and Shenzhen Park in China.

The CEO of the public company building it says the idea is to transform Ecuador's economy from one reliant on the export of raw materials to one based on knowledge and innovation.

"We need to make a cluster of the best minds in Ecuador and bring from abroad all the people that could help in the development of new technologies," said Hector Rodriguez, CEO, Yachy Public Company.

Companies are offered incentives to come here: guarantees of stable energy sources and state of the art telecom - along with generous tax rebates.

Brazilian firm Athos was among the first international companies to come to Yachay - and company leaders say it's been good for business.

"When we reach our clients and we say 'we are from Yachay, we have the latest technology that exists', this creates some kind of credibility. In fact to the future there's no way a country can live without a technological park," said Paulo Rogerio Pereira, Planning Manager of Athos Business Management Systems.

The creation of Yachay is part of Ecuador's plan to prepare the country for the future. But those responsible for this project say that preserving and understanding the country's past and its traditions plays a critical role in its long-term success.

As construction began, a vast wealth of ancient artifacts - some thousands of years old - were unearthed. A team of archeologists is now working to collect, classify an study the civilizations that have been here before.

"To develop a society and an identity we have to respect our past. Archeology helps us to understand our roots and where we are coming from and with this we can project our future and better understand where we can get to," said Byron Camino, Chief Archaeologist, Yachay City of Knowledge.

Yachay is already up and running but it's a work in progress that won't be fully complete for another 30 years. And hopes are that its impact will forever change the face of Ecuador.