SEOUL, Nov. 29 (Yonhap) -- South Korea's information and communication technology minister urged local telecommunication companies on Friday to expand 5G network infrastructure investment as the country aims to become one of the global leaders in super fast wireless communication.
In a meeting with chiefs of the country's three mobile operators -- SK Telecom, KT Corp. and LG Uplus -- Choi Ki-young said that Seoul has made considerable strides to expand the 5G ecosystem since becoming the first country in the world to launch 5G commercial service in April this year.
5G refers to the latest wireless communication network that has super fast connection speeds, low latency and low power consumption as well as the capability to connect many more devices without affecting the system's performance.
The minister also said ICT firms must come up with business models centered on convergence technology and create useful content so 5G users can benefit from the progress being made.
As of Nov. 2, there were 4 million people in South Korea who subscribed to 5G services. This is the fastest increase in the world, with the trend expected to continue with the launch of 5G-enabled phones. Local telecom companies invested 8.2 trillion won (US$7 billion) into 5G-related work in 2019, up 50 percent from last year.
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