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Expand into ASEAN Market with 5G+ Core Services (July 24)

- Business Exchange Events in Thailand for Companies in 5G Core Services such as Immersive Media and Digital Health Care

The Ministry of Science and ICT (MSIT) and the National IT Industry Promotion Agency (NIPA) held an ICT Business Partnership event on July 24 (Wed) in Bangkok, Thailand to support Korean SMEs in 5G core services sector in expanding their businesses into the ASEAN market.

ICT Business Partnership: Business exchange events including exhibition, technology and product demonstration and consulting session to help Korea's ICT SMEs expand their businesses into foreign markets

The MSIT announced the 5G+ Strategy in April to realize innovation-led growth with 5G+ and is also supporting the diffusion of 5G+ Core Services, which include sectors that exploit 5G network, such as immersive media, smart city and digital healthcare. The event in Thailand was held to help Korean companies enter foreign markets.

Thailand, the second largest economy among the ten ASEAN Member States, has assumed this year's ASEAN Chairmanship. As the country is carrying out Thailand 4.0*, a national strategy to innovate its economy and society with ICT (e.g. smart industries, smart cities), there are great potentials for ICT partnership between Korea and Thailand.

* Thailand 4.0: A mid- to long-term national development strategy to foster smart industries, smart people and smart cities by applying ICT to its overall economy and society from 2017 to 2021.

Thailand has a huge growth potential in 5G-related industries with its impressive mobile phone penetration rate of 175%. It is also aiming to launch commercial 5G network* in 2020.

* Source: KOTRA's 2019 Global Strategy Report: Thailand

The MSIT plans to make Thailand a hub for Korea's New Southern Policy by assisting "small giants" in entering Thailand, while applying Korea's 5G technologies in the country to create new business opportunities.

Nineteen Korean companies that possess outstanding services and products, such as VR educational content and smart motorcycle helmet, and Thailand's leading enterprises and investors, including the state-owned telecom TOT and the country's number one mobile phone operator AIS, participated in the Korea-Thailand ICT Business Partnership to have export consulting sessions worth 20 million dollars and more than 100 networking sessions.

A conference promoting Korea-Thailand ICT cooperation was held in the afternoon, where Korea shared its experience of launching commercial 5G network and relevant know-hows and Thailand shard its progress with implementing 5G pilot project.

The MSIT plans to use the experience of launching the world's first commercial 5G network to share Korea's policy experience with countries like Thailand that are preparing to roll out commercial 5G services, as well as to provide companies with more support for foreign market entry.

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