6 telecom big boys offer help

Six dominant companies in the core telecommunications sectors, such as the fixed line giant KT Corp. or the largest mobile service provider SK Telecom Co., promised to lend help to technology start-ups and small and medium sized companies yesterday. In a meeting with Chin Dae-je, minister of information and communication, to discuss ways for technology start-ups or small and medium sized companies in the information technology sector to weather the business difficulties caused by economic slowdown, KT, SK Telecom, KTF Co., LG Telecom Co., Hanaro Telecom Inc., and Dacom Corp. agreed that they will invest a total of 2.7 trillion won ($2.3 billion) to aid smaller players this year. The large companies will spend money in buying equipment from start-ups or small and medium sized firms, or make investments in small players’ content development. Senior executives of the six companies communed also said that they will spend 52 percent of the promised investment, or 1.4 trillion won, before end of June. They will also increase the proportions of cash in their payments to the small or medium sized suppliers. “The projected investment by the large players in the telecommunications industry will contribute to revitalizing the industry,” said Song Yu-jong, a policy director at the information ministry. by Kim Hyo-jin