Telcos to Jack Up Spending amid Virus Fallout | Be Korea-savvy

Telcos to Jack Up Spending amid Virus Fallout

(Image: Yonhap)

(Image: Yonhap)

SEOUL, March 5 (Korea Bizwire)South Korean telecom companies will invest 4 trillion won (US$3.4 billion) in the first half of 2020 as part of their efforts to cope with the fallout from the novel coronavirus outbreak, sources said Thursday.

The country’s three mobile operators — SK Telecom, KT Corp., and LG Uplus — pledged to increase investment from their original plan of 2.7 trillion won.

The investment will be largely focused on building up the country’s 5G network infrastructure in places such as subways, trains, department stores, large shopping malls and universities.

The companies will provide emergency operating funds to their dealerships and other partners that have been hard hit by a sharp drop in demand brought on by the spread of COVID-19.


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