SEOUL, Jan. 11 (Korea Bizwire) – SK Telecom Co., South Korea’s top mobile carrier, said Wednesday it will spend 5 trillion won (US$4.2 billion) over the next three years to develop technology and services in artificial intelligence (AI) and the Internet of Things.
The AI wave and Internet of Things, which aims to connect objects to the Internet to make them smart, are two buzzwords in the technology, car and consumer electronics sectors as they seek to transform how people live and work.
In a statement, SK Telecom said the investment plan, devised in coordination with its two affiliates SK Broadband and SK Planet, will focus on creating a “new ecosystem” for AI, self-driving cars and the Internet of Things.
Separately, SK Telecom has said it will invest 6 trillion won into the ultra-fast fifth-generation (5G) mobile network by 2019 with the aim of launching a commercial 5G service in 2020.
The 5G technology aims to offer data transmission speeds about 100 times faster than the current fourth-generation wireless network.
During an annual technology fair in Las Vegas last week, SK Telecom said it discussed with Samsung Electronics Co., Nvidia Corp. and Intel Corp. possible cooperation in the fields of AI, connected cars and the Internet of Things.
A part of the 5 trillion won investment will be spent to support local start-ups, SK Telecom said.
If things go as planned, the investment is expected to generate about 9 trillion won in revenue and create about 60,000 jobs, SK Telecom said.
SK Telecom CEO Park Jeong-ho said the company will build the new ecosystem throughout openness and cooperation.