South Korea's second-largest mobile carrier KT said it will be focusing on buying stakes in telecommunication firms in emerging markets as well as form strategic partnerships to help it reach its goal of posting 3.9 trillion won (US$3.4 billion) in global business revenue by 2015.
The Yonhap News Agency reported on Thursday that the carrier has found it increasingly imperative that it goes global to survive, as its traditional businesses face rising competition. As such, it is aiming to clock 3.9 trillion won (US$3.4 billion) in revenue from its global business in three years' time.
It said it will continue to nurture existing business tie-ups and expand their services to application markets and social games platforms, but will also focus on emerging markets by either buying shares in or forming strategic partnerships with other telcos in these countries.
"The current situation is making it increasingly difficult to survive without breaking away from the traditional market and diversifying into other business areas. KT has been changing its business portfolio to strive forward," said Kim Hong-Jin, senior executive vice president at KT, in the report.
Should the goal be achieved, its global businesses will account for roughly 10 percent of the carrier's overall sales, the Yonhap News Agency noted. The company had posted an annual revenue of 25 trillion won (US$21.9 billion) in 2011, with global sales making up some 2 percent of that figure.