SEOUL, South Korea, Aug. 13, 2020 /PRNewswire/ -- KT Corp. (KRX: 030200; NYSE: KT), South Korea's largest telecommunications company, will expand its global data center business with Korea Overseas Infrastructure & Urban Development Corporation (KIND), a government agency, as the demand for such businesses is expected to surge in the post-COVID-19 era.
In a memorandum of understanding (MOU) signed last week, the two partners agreed to promote KT's data center business and smart city projects globally. They will also cooperate on joint data center projects, business information exchange, public-private partnerships, and business development and financing consultations.
"KT will leverage its diverse business achievements in the domestic market into expanding globally through cooperation with KIND," said Park Yoon-Young, head of KT's Enterprise Business Development Unit. "Our partnership will help Korean businesses avail themselves of ICT resources as easily abroad as they do in the nation."
KT will focus on designing data centers and creating business plans, developing products and managing business operation, while KIND will take a lead in finding new demands for data centers in connection with its overseas projects, sharing such information with KT, helping the nation's top telecom operator attract investments.
"KIND is entering the new business of building data centers by signing the MOU with KT," said Hur Kyong-Goo, CEO of KIND. "When our two companies cooperate, we will more effectively assist Korean businesses in achieving their global reach."
Korea Overseas Infrastructure & Urban Development Corp., also known as KIND, is a government-invested corporation that assists Korean businesses in their overseas investment and development projects. KIND supports their overseas infrastructure contracts, providing them with information and consulting service as well as making joint investments in public-private partnership projects.
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ABOUT KT CORPORATION (KRX: 030200; NYSE: KT)
KT Corp., Korea's largest telecommunications service provider, reestablished in 1981 under the Telecommunications Business Act, is leading the era of innovations in the world's most connected country. The company is leading the 4th industrial revolution with high speed wire/wireless network and new ICT technology. KT launched the world's first nationwide commercial 5G network on April 3, 2019, after successfully showcasing the world's first trial 5G services at the PyeongChang Winter Olympic Games in February 2018. This is another milestone in KT's continuous efforts to deliver essential products and services as it aspires to be the number one ICT Company and People's Company.
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