South Korea's KT to spend $2.65B upgrading network, creating jobs

The telco plans to upgrade its communications network and create 25,000 jobs over the next five years, funded by proceeds from the sales of its assets.

KT's spend is approximately half of the US$5.3 billion spent last by the industry for setting up LTE networks.

KT Corporation said it will spend 3 trillion won (US$2.65 billion) to upgrade its communications network, and create 25,000 jobs over the next five years.

According to Yonhap News on Tuesday, the spending is approximately half of the 6 trillion won (US$5.3 billion) spent last year by the nation's three mobile carriers, including SK Telecom and LG Uplus, for their installation of the long-term evolution (LTE) networks.

The project will be funded by proceeds from sales of KT assets, the South Korean telco said.

The telco added it will also beef up its presnce in Southeast Asia and South American markets.

In April, the mobile carrier had announced plans to hire 1,000 retirees as IT service-related teachers to focus on educating youths over the next three years as part of its corporate social responsibility (CSR) efforts.

It also said in January it will set up a 150 billion won (US$132 million) fund by 2017 to help smaller firms, and create 1,800 jobs every year.