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S. Korea to foster 1,800 5G service firms by 2026

It 14:00 August 18, 2021

SEOUL, Aug. 18 (Yonhap) -- South Korea aims to create around 1,800 companies that specialize in new 5G services in the next five years, the ICT ministry said Wednesday, to boost adoption of promising technologies powered by the latest generation networks.

While the country commercialized 5G in 2019, companies have yet to fully harness the blazing fast networks that could power upcoming tech services, such as remote-controlled factories, self-driving vehicles, and 3D holograms.

This composite image provided by Yonhap New TV shows network services powered by 5G technology. (PHOTO NOT FOR SALE) (Yonhap)

The ICT ministry said it aims to boost the number of companies that research and develop new 5G services from the current 94 to acquire a competitive edge in the network technology.

The ministry plans to support the rollout of services that incorporate 5G, including online classes that incorporate virtual reality and augmented reality technology and a metaverse-based online marketplace for small businesses.

With the increase in companies that develop the network technology, the ministry targets to apply 5G services in 3,200 locations by 2026 from the current 195.

It also outlined goals to establish a city that integrates 5G services from 2023, although the project currently remains in the planning phase.

As of end-June, South Korea had 16.5 million 5G users, accounting for 23 percent of its total mobile network subscriptions.


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