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Let’s make a deal

Hwang Chang-gyu, chairman of KT, second from right, shakes hands with Barat Ghanbari, chairman of the Telecommunication Company of Iran (TCI), second from left, after the heads of the two telecommunications companies signed an agreement to update the information and telecommunications infrastructure in Iran on Monday in Teheran. This not only includes fixed-line and mobile network infrastructure but also developing smart cities, Internet of Things infrastructure and 5G networks.

TCI is the biggest fixed-line telecommunications company in Iran, with 30 million subscribers. TCI is also the majority stakeholder in the country’s No. 1 mobile carrier, the Mobile Telecommunication Company of Iran, which has 60 million subscribers. According to KT, it is the only Korean mobile carrier that has conducted business related to telecommunications in Iran since it entered the market in 2011.

Iran is the second-largest market in the Middle East, with gross domestic product totaling $387.6 billion and the fourth-largest oil reserves in the world. The country has set a goal of upgrading its Internet and telecommunications infrastructure by 2021. [JOINT PRESS CORPS]