Go to Contents Go to Navigation

Samsung's 5G Verizon deal hailed as example of Korean firms' tech prowess

All News 15:31 September 09, 2020

SEJONG, Sept. 9 (Yonhap) -- South Korea's vice finance minister on Wednesday hailed a multibillion-dollar order won by Samsung Electronics Co. to supply fifth-generation (5G) network equipment to Verizon Communications of the United States.

The deal showed how South Korea's industrial sectors navigate through global technology rivalries, Vice Finance Minister Kim Yong-beom said in a meeting with experts, according to the ministry.

Companies must step up their investment into new technologies, including next-generation telecom and artificial intelligence, Kim said.

Earlier this week, Samsung said it will supply 5G network equipment to Verizon for 7.89 trillion won (US$6.6 billion).

Samsung has been trying to expand its 5G equipment customer pool in recent years. In addition to the U.S., the company has so far inked 5G equipment contracts in countries like Canada, New Zealand and Japan.

With the U.S. pressuring China's Huawei Technologies Co., the world's top 5G equipment supplier, for security reasons, industry observers predicted that Samsung can further expand its presence in the 5G equipment market.

Vice Finance Minister Kim Yong-beom speaks in a meeting with experts on Sept. 9, 2020, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)


Send Feedback
How can we improve?
Thanks for your feedback!