[THE INVESTOR]KT has joined hands with US-based telecommunications firm Verizon Communications to establish global fifth-generation wireless network standards for the first time in the world, the local mobile carrier said on June 26.

Under the partnership, both firms agreed to cooperate on faster commercialization of the 5G which is expected to come in 2020, including setting the global standards.

“Global partnership for the 5G standardization is a critical factor for a smooth commercialization of the 5G network in 2020,” KT chairman Hwang Chang-gyu said in a statement.

Hwang visited a 5G demonstration zone at Verizon headquarters in New Jersey after he signed the deal with 

The firm is planning to premiere the 5G technology at the PyeongChang Winter Olympics in 2018. Verizon is also interested in KT’s 5G millimeter wave technology which the Korean company plans to demonstrate at the international sports event.

Along with KT, global telecom firms have been actively pursuing the next generation network as the existing long term evolution is rapidly reaching saturation in the local market.

(theinvestor@heraldcorp.com)