KT CEO vows to expand new ICT businesses

The Korea Times

The Korea Times

Business

Sat, December 9, 2023 | 08:15

Tech

KT CEO vows to expand into new ICT businesses

Posted : 2023-09-07 16:35

Updated : 2023-09-08 11:28

KT CEO Kim Young-shub speaks during a press conference at the Le Meridian Seoul hotel, Thursday. Korea Times photo by Baek Byung-yeul

By Baek Byung-yeul

KT will aggressively grow the company's information and communication technology (ICT) capabilities to enter new businesses in the IT sector and compete with Big Tech companies rather than just being a telecommunications service provider, its CEO Kim Young-shub said Thursday.

"We will upgrade our ICT capabilities so that we can increase our value and share our vision for future growth with our customers," the CEO said during his first press conference in Seoul, eight days after taking office on Aug. 30. "A telecommunications company like ours needs to transform into an IT company, becoming a company that can provide innovative services is the direction we need to go."

The CEO said it's too early to say what new businesses the company will enter, but added it will challenge what Big Tech firms are doing and trying to do.

"It is true that Big Techs are disrupting the world with their core services. Telecommunications companies are challenging them and I am not sure how they think of these moves. However, we cannot afford to be complacent. Digital health care and smart cities, for example, are still in their infancy. We will focus our attention on these emerging areas," Kim said.

Prior to the meeting with reporters, Kim made his debut as the chief of KT the same day he delivered a keynote speech during the Mobile 360 (M360) APAC conference in Seoul.

Organized by the Global System for Mobile Communications Association (GSMA), M360 is a global event that sets the agenda for the mobile industry issues across continents, with more than 1,000 key players from governments, regulators, streaming platform providers and ICT leaders.

Stating that telecom operators have been complacent in providing stable infrastructure, Kim emphasized mobile carriers should pursue more service-focused businesses.

"While domestic mobile carriers have been satisfied with profits from telecommunications services, Big Tech companies have become masters of the digital ecosystem by launching innovative services such as messengers, OTT, self-driving and internet finance that are based on infrastructure built by telecommunications firms," Kim said.

"Mobile carriers should foster their capabilities equivalent to IT companies in areas such as cloud computing, AI and self-driving and secure leadership in areas that are still in the beginning stages such as smart cities, metaverse, digital health care and energy."

Regarding the restructuring plans of the company, such as an employee reshuffle, the CEO said that he will not make large-scale personnel reshuffles, but will promote the development of the company by promoting talented employees.

baekby@koreatimes.co.kr