KT to spend KRW5.1 trillion on network upgrades

South Korea’s KT Corp has announced plans to invest approximately KRW5.1 trillion (USD4.3 billion) over a five-year period to upgrade its network with a view to meeting increased demand for wireless data. According to Bloomberg, KT has set aside KRW4.07 trillion for spending on upgrades to its mobile phone network between 2010 and 2014, while a further KRW800 billion will go towards bolstering Wi-Fi and wireless broadband services. The remaining funds are expected to be used to develop cloud services and for backbone equipment. KT has said that it expects the number of smartphone subscribers to more than double to six million by end-2011, and it hopes that the network investment will allow it to prepare for the increased demand for data usage.