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KT to spend 3 tln won on network upgrade

SEOUL, June 11 (Yonhap) -- KT Corp., the country's No.2 mobile carrier, said Tuesday that it will spend a total of 3 trillion won (US$2.65 billion) in upgrading its communication network, and create 25,000 jobs over the next five years.

The earmarked spending is roughly half of the 6 trillion won spent last year by the nation's three mobile carriers for their establishment of the so-called long-term evolution (LTE) networks.

The project will be funded by proceeds from sales of its assets, KT said.

KT was formed through a merger with KTF Co. in 2009 to emerge as one of the nation's leading telecom companies. Currently, it has 53 affiliates under its wing.

KT said it will set up a 150 billion won fund by 2017 to help smaller firms, and create 1,800 jobs every year.

KT also said it will bolster its presence in the South East Asia and South American regions.

The mobile carrier is set to launch its LTE service in Rwanda in 2014 through a joint venture with the government there.