[Sponsored Report] SKT takes its creative economy center abroadSK Telecom recently became the first company to export its Creative Economy Innovation Center.
Last March, SKT signed a memorandum of understanding (MOU) with Saudi Telecom to export SK’s model for its Daejeon center. Saudi Telecom is a telecommunications company and a state enterprise that plays a crucial role in Saudi Arabia’s plan to diversify the country’s economic structure.
Jointly run by SK and the South Korean government, the Daejeon Creative Economy Innovation Center supports start-up companies and promotes cooperation between start-ups, major companies and government officials.
SKT’s advancement into Saudi Arabia started when CEO Jang Dong-Hyun accompanied President Park Geun-Hye on her trip to the Middle East last March.
The MOU was signed during the Korea-Saudi Business Forum held last March during the visit.
Under this agreement, SKT and Saudi Telecom will cooperate in establishing a Creative Economy Innovation Center tailored to Saudi Arabia, and will jointly develop new growth engines, especially in the information and communications technology (ICT) sector, including digital healthcare, smart cities, smart learning and IoT technologies. To start off, SKT will provide technology and know-how in lifeware and Building Energy Management Systems (BEMS).
Before SKT, the Saudi government and Saudi Telecom were searching for new global partnerships that would help them develop new business fields. SKT rose as a strong candidate for the position after a joint workshop held last January, for which Saudi Telecom’s executives visited the Daejeon Creative Economy Innovation Center.
Shortly after, SKT made bold moves to respond to Saudi Arabia’s interests in its Daejeon center by sending over experts to explain their model to the authorities of the Saudi government and Saudi Telecom.
For SKT, the Saudi Telecom partnership will open doors to the Middle East’s ICT market, in which Middle Eastern countries are expected to invest 33 trillion won ($27.7 billion) over the next 5 years.