South Korea's KT has revealed plans to invest 23 trillion won ($20.48 billion) in 5G and other technologies over the next five years as it gears up to meet its goal of launching the first nationwide commercial 5G network.
The funding will in part be used to support KT's recently-launched 5G Open Lab at its R&D center on the outskirts of Seoul.
The new lab is divided into three collaborative spaces - focusing on 5G infrastructure, media such as augmented and virtual reality, and IoT technologies respectively – as well as an exhibition room.
Enterprises interested in the development of 5G services will be able to use the facilities to plan, test and verify prospective services.
KT is also collaborating with the Korean government and various companies to develop 5G services for the business-to-business and business-to-government segments. Last month, the ITU meanwhile approved KT's plan for the development of 5G trial services.
"From declaring our vision of the world's first commercial 5G network to showcasing the world's first 5G trial services in Pyeongchang, KT is pioneering a new era of the 5G world," KT chairman Hwang Chang-Gyu said in a statement.
"KT will successfully commercialize the world's first and best 5G network by developing a strong and healthy 5G ecosystem, together with its partners around the world."
The KT Economic and Management Research Institute forecast that commercial 5G networks in South Korea have the potential to generate at least 30.3 trillion won in socioeconomic value in 2025, the equivalent of 1.5% of South Korea's GDP.