Ministry of Science and Technology of South Korea unveiled plans to allocate a fund of $1.5 billion dollar to build a 5G wireless networks that will be commercially available in 2020. With 5G technology, which will be 1,000 times faster than the 4G LTE network, Internet users will be able to download a movie file of 800MB in just one second.
This news is not surprising since South Korea is known as one of the countries with the highest internet speed in the world. Therefore, they did not want to be left than the other developed countries. Before stepping into 5G, South Korea is also listed as the first country in the world that tested LTE-A, next-generation Internet networks of LTE.
In particular, since the nation is struggling in the field of communications equipment, Seoul intends to revitalize the communications equipment industry by dominating the global 5G phone market.
In fact, Korea made up only 4.4% of the global communications equipment market in 2012, while China accounted for 26% in the same year, up 12% from 2007. Even though locally-made 3G communications equipment constituted 90% of the total in 2012, locally-manufactured LTE networking equipment comprised merely 30%.
The Ministry of Science, ICT and Future Planning (MSIP) also plans to capture the top spot in the global smartphone market, occupy 20% of the global equipment market by 2020, and create 16,000 jobs. In addition, it aims to turn over 331 trillion won (US$310 billion) from 2020 to 2026 through exports and domestic demand for 5G devices and equipment, and create a local communications service market worth 68 trillion won (US$63 billion).
Photo Credit: Emmanuel DYAN