- New Deal to Strengthen Cooperation on Chile's Underwater Cable Project -
- KT to Provide Professional Service for Project As Certified Advisory Firm -
- Two Partners Also to Cooperate on 5G, Smart Cities, IoT, Self-Driving Cars -
SEOUL, South Korea, Aug. 31, 2018 /PRNewswire/ -- KT Corp. (KRX: 030200; NYSE: KT), South Korea's largest telecommunications company, is actively developing new business partnerships in Chile as part of its global initiative to enter emerging and frontier markets.
KT signed a strategic agreement with PSINet Chile S.A on August 23 to cooperate on Chile's project to construct an undersea fiber cable along the nation's more than 3,000-kilometer coast. The two partners will also seek joint business opportunities in information and telecommunication technology (ICT), including 5G, smart cities and self-driving cars.
"With our new partnership with PSINet, KT looks forward to helping bring 5G, IoT and other ICT technologies to Chile and the region," said Oh Seong-Mok, President of KT's Network Group. "We will continue to do our utmost to provide the best professional end-to-end consulting and management service for Chile's key national infrastructure."
The signing came after KT was selected by CTR Chile Networks S.A., PSINet Chile's local unit, last month to advise on Chile's backbone network project. KT is exploring markets in the Americas, supplying its GiGA Wire, the broadband technology using copper lines, to Boston last year and demonstrating its 5G and Internet of Things (IoT) prowess in Brazil this month.
CTR was named the lead company to build and operate the backbone for next-generation networks for 20 years by the Chilean Department of Telecommunications (Subsecretaria de Telecomunicaciones, or Subtel) in 2017. The Chilean project costs some 100 billion won (US$90 million) and is scheduled to be completed by the end of 2019.
As the certified advisory company for CTR, KT will supervise and certify technical operations, construction and architectural design of the underwater cable, which will link Puerto Montt, a port city in central-southern Chile, and Punta Arenas, the capital city of the country's southernmost region, Magallanes and Antartica Chilena.
KT has extensive experience in constructing national backbone projects in overseas countries, including Rwanda and Myanmar. The company's experience was a key reason for its selection as the official advisor for the national backbone network project in Chile.
KT has also played a leading role in building the Asia Pacific Gateway, a submarine cable system connecting South Korea with seven other countries. KT further participated in the construction of the New Cross Pacific Cable System, a high-capacity, fiber-optic submarine cable that directly links the United States and Asia through the Pacific Ocean.
KT is now participating in a backbone project in Boston. Under an agreement with the northeast American city, signed in June 2017, the Korean telecom leader is providing high-speed GiGA Wire for fast and interrupted Internet service. At home, KT Submarine Co., a KT subsidiary, is operating undersea cables in South Korea, one of the most wired countries in the world.
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ABOUT KT CORP. (KRX: 030200; NYSE: KT)
KT Corporation, 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 leads the 4th industrial revolution with high speed wire/wireless network and innovative ICT technology. After installing 4.5 million fixed lines for 20 million users in just 12 years, KT was the first telecom provider to introduce 5G broad-scale trial service in 2018. It is another step in KT's continuous efforts to deliver essential products and services as it seeks to be the No.1 ICT Company and People's Company.
For more information, please visit our English website at https://corp.kt.com/eng/
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