KT to support homegrown parts suppliers amid pandemic

South Korean telecom giant KT Corp. said Friday it will invest 9 billion won ($8.1 million) over the next three years to reduce its reliance on overseas suppliers amid the pandemic.

KT said it will make the investment until 2023 to help its local suppliers manufacture homegrown materials and parts for equipment used by the telecom operator.

The move comes as KT seeks to strengthen partnerships with local companies as uncertainties from the COVID-19 pandemic weigh on global supply chains.

The carrier said in order to stabilize its equipment supply chain, it will also pursue diversification of suppliers and major components.

KT added it will further support its local suppliers by helping them enter overseas markets, such as providing its overseas offices for global marketing efforts. (Yonhap)