By Lee Yoonseo and Kim Young Shin

Three major Korean phone and data carriers -- SK Telecom, KT and LG U+ -- will jointly launch the world’s first 5G services in March 2019. This move is in response to the Moon administration’s goal to make Korea the first country in the world to actualize 5G technologies.

Minister of Science and ICT Yoo Young min held a meeting with the CEOs of the three companies -- LG U+ CEO Ha Hyun Hwoi, KT CEO Hwang Chang-Gyu and SK Telecom CEO Park Jung Ho -- to discuss the commercialization of 5G services, at the Marriott Park Center in Yeouido, Seoul, on July 17.

“In order to make Korea the first country to commercialize 5G technology and to dominate the global market, suppliers should avoid competition to be first,” said Minister Yoo. “I urge your three companies to cooperate with each other on this.”

“To allow all related industry entities to share the benefits of the first-mover advantage, you three companies should try to grow together by keeping a win-win partnership,” Yoo said.

“We will vitalize the industrial ecosystem, as well as 5G network investments, as we develop our competitiveness,” said the SK Telecom CEO.

“Generally, 4G services were related to B2C businesses, but currently only a small number of B2C businesses remain,” said the KT CEO. “More investments are needed in the new 5G services as they are more related to B2B business models and more related to the public interest.”

The LG U+ CEO also said that his company will launch 5G services as per the schedule suggested by the government.

The three companies will finish selecting their equipment providers next month and begin building a commercial network in September.

clo1120@korea.kr