Sino-Korean IT Cooperation
The relationship between SK Telecom and China Unicom is reigniting after going sour.
In 2004, SKT established a wireless Internet company called UNISK with China Unicom at a 49:51 ratio, but sold its ownership stake and pulled out of the joint venture in 2009. In 2007, the Korean mobile carrier bought a 6.6 percent stake in the Chinese telecommunications company, entering the Chinese market. The carrier also disposed of its ownership stake in China Unicom in 2009.
However, the two companies forged a partnership again by signing a Memorandum of Understanding (MOU), which came after their alliance for SKT's LTE roaming service in China in Dec. 2014.
SK Telecom and China Unicom signed an MOU to strengthen their strategic cooperation in the fields of telecommunications and new businesses with growth potential. The MOU signing ceremony was held during a board meeting of the Groupe Speciale Mobile Association (GSMA) in Cape Town, South Africa, on Oct. 8 (local time). SKT President Jang Dong-hyun and China Unicom General Manager Lu Yimin attended the event.
Both parties have discussed future ICT cooperative measures since last Feb., and decided to closely cooperate in increasing customer profits in the telecommunications and new growth businesses by making investments in over-the-top (OTT) services, platforms, and venture firms; and by nurturing the ecosystem, including 5G, global roaming, and Hallyu content. They are also going to cooperate in leading the development of the ICT industry, too.
A spokesperson for SK Telecom said that this strategic partnership would successfully advance the alliance between the two companies and serve as an opportunity to further strengthen SKT's leadership in the global market.