Korean telecom giant KT to set up in Barcelona

Barcelona (CNA).- The Korean telecom giant KT Corporation has chosen Barcelona to be the “importation gateway for its products and services” in Europe, stated the Catalan Ministry for Business and Knowledge, Jordi Baiget. KT’s main goal is to introduce its high-speed internet technology in Europe, as well as to invest in the telecom sector and renewable energy. The agreement with the Korean telecom giant was reached during the latest edition of the Mobile World Congress (MWC), which took place in Barcelona between the 22^nd and the 25^th of February, and established the setting up of a commercial office in Catalonia, as well as the creation of “jobs and investments” which are yet to be finalised. At the same time, the agreement foresees that KT will facilitate the distribution of Catalan products and technologies in the Korean market. 

KT Corporation is the biggest telecom company in South Korea, with more than 23,000 employees. The giant has chosen Barcelona to start the international commercialisation of its new technological device GiGa Wire, which has only has only been used in South Korea so far. The systemdelivers super-fast broadband to apartment buildings over existing lines.

According to the agreement memorandum, the Catalan government will help and support KT in its strategy to enter the European market. In exchange, KT will facilitate the distribution of Catalan products and technologies in the Korean market. “The setting up of KT in Europe and the creation of a commercial office is a business opportunity for both parties” stated Baiget “for KT in relation to Catalonia and for Catalonia in relation to the world”.

An agreement reached during the MWC

The agreement with the Korean telecom giant was reached during the latest edition of the Mobile World Congress (MWC), which took place in Barcelona between the 22^nd and the 25^th of February. According to Baiget, the 60 Catalan companies represented at the MWC made 4,600 contacts and most of them turned into agreements. For each of these firms, the MWC represents between 7 and 10 million euros in additional turnover.