KT Corp., the nation’s leading mobile carrier, on Tuesday pledged to spend 3 trillion won ($2.6 billion) on the nation’s information, communication and technology industry for network advancement and to create up to 25,000 new jobs.
“Our goal is to become a first-rate ICT firm recognized by our global peers and be known as a firm capable of leading both the industry and our rivals,” said KT chairman Lee Suk-chae on Tuesday at a press conference.
He declined to elaborate, but signaled that there were a “myriad of projects” that KT had up its sleeve to obtain its aspiring higher global status.
 |
KT chairman Lee Suk-chae speaks about the company’s investment plan at a news conference in Seoul on Tuesday. (Yonhap News) |
KT’s pledge came as the formerly state-run firm reportedly faced heat from the government to commit to President Park Geun-hye’s “creative economy” drive, an initiative designed to pursue industry integration and ICT advancement.
KT also faced doubts from within the industry as well, as it was accused of not taking necessary risks to overcome market saturation in the telecommunication sector.
Lee’s speech on Tuesday ― KT marked the fourth anniversary of its merger with former mobile phone operator KTF on this day ― appeared to be aimed at dispeling these concerns.
Both the size of the funds, which were about half the total amount the nation’s three telecom companies invested for network advancement last year, and Lee’s speech reflected the company’s determination, those close to the company said.
“We are the sole company that is not a conglomerate that is capable of facing off with conglomerates,” Lee said. “This is another reason why we must succeed, to open a new future for Korea.”
The 3 trillion won KT pledged will be used mostly to help lay a giga-based internet network that’s both cheap and easily accessible.
This way, the company hopes to activate economic activity in virtual space.
Another project KT has embarked on is to apply an open-platform operating system to Olleh TV as of July to introduce the world’s first web-based IPTV.
Overseas, KT has maintained a close relationship with Rwanda in Africa. The company is now involved in a 270-billion won project for establishing an LTE network in the region by sharing its know-how and technological edge.
KT is planning on further commercializing this business to sell to other countries in Africa, southeast Asia and central and southern America.
By Kim Ji-hyun (
jemmie@heraldcorp.com)
