KT's 9 billion won investment to help reduce dependence on overseas suppliers

KT Corp. will invest 9 billion won over the next three years to help its local suppliers manufacture homegrown materials and parts and reduce its reliance on overseas suppliers amid the pandemic.

South Korean telecom giant is strengthening partnerships with local companies as uncertainties from the pandemic impact global supply chains.

To stabilize its equipment supply chain, KT will also pursue diversification of suppliers and major components.

KT added it will further support its local suppliers by helping them enter overseas markets, such as providing its overseas offices for global marketing efforts.

The carrier didn’t specify the supply chain challenges it encountered recently, nor the suppliers it would be working with for the new strategy.

The company has as of the third quarter earned an operating profit of 759.1 billion won on a standalone basis.

KT, who said it was upbeat about its performance, expects its operating profit to reach 1 trillion won on a standalone basis in 2022.