Major South Korean mobile carrier KT has urged global leaders to enhance cooperation to capitalize on the fifth-generation cellular network amid growing expectations over the technology’s business applications.
During the Global Entrepreneurship Summit 2019 in The Hague, Netherlands, from Monday to Wednesday, KT Chairman Hwang Chang-gyu met with US Secretary of State Mike Pompeo and other policymakers around the world to share insights in leading 5G transformation.
Stressing Korea’s efforts to lead 5G innovation since the network was commercialized in April, Hwang said countries around the world should follow the lead by creating an ecosystem for various businesses.
“Korea is the perfect test bed for 5G development, and I invite you all to visit the country and KT to experience how the next-generation technology is really changing our lives,” he said during a session at the GES 2019 on Tuesday.
KT Chairman Hwang Chang-gyu delivers a speech at GES 2019 in The Hague, Netherlands, on Tuesday. KT
Hosted by the US Department of State and the Netherlands, GES 2019 covers five key sectors -- connectivity, energy, health, agriculture/food and water. Hwang was the only Korean telecom firm chief to attend the event that was held under the theme “The Future Now.’’
Governments and companies worldwide are scrambling to take the lead in pioneering future industries with the 5G network, as it promises business transformation that ranges from autonomous driving to remote medical services.
Stressing that the network’s business potential can be maximized by utilizing it in various industries, Hwang said participants should figure out how to integrate the technology with existing businesses.
“The 5G network can create great synergies if the Netherlands’ world-class industrial expertise in smart farms and smart cities are combined with Korea’s advanced mobile network technologies,” he said.
Hwang also noted that governments should accelerate their efforts to build key 5G network infrastructure, such as base stations. Given financial challenges faced by private companies, governments should support the construction initiative, he added.
Launched by the US government in 2010, GES is an international forum where American entrepreneurs and investors interact with their international counterparts to discuss how to address imminent global challenges.