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KT expands campaign for mutual growth with vendors

KT Corp. chairman Lee Seok-chae (third from left) and IT firms’ executives attend a ceremony to vow mutual growth in Seoul on Wednesday. (KT)
KT Corp. chairman Lee Seok-chae (third from left) and IT firms’ executives attend a ceremony to vow mutual growth in Seoul on Wednesday. (KT)

KT Corp., the nation’s largest fixed-line carrier, on Wednesday offered support and encouragement for its vendors at a forum it held for IT sector executives.

KT said it would provide up to 1,000 free patents to its partner firms to help them offer better quality services and products to consumers.

Those who receive licenses or other technological support from KT would be given more opportunities to do future business with KT, the company’s chairman Lee Seok-chae said.

Also, starting August, KT plans to introduce the intermediate payment system so that suppliers would be able to receive parts of their due payment before the project is completed to help with their cash flows.

To help establish a system where both KT and its vendors may jointly pursue mutual growth, the company said it would enlist support from suppliers so they could offer ideas at the initial stages of the collaboration.

An increasing number of large corporations are seen pulling their weight to play a bigger role in propping up their smaller partners to even out the playing field.

More than 250 IT sector executives participated in Wednesday’s forum.

Sean Gowran, Ericsson’s head of China and Northeast Asian region, said it was working on stepping up collaboration with smaller partners on the encouragement of KT.

Ericsson plans to select the top-performing partners from those working with KT to help them expand their overseas outreach based on Ericsson’s global networks.

The IT CEO forum was created in September 2009 by KT and top venture companies and related organizations in aims to promote relationships between conglomerates and vendors.

The forum boasts about 1,500 members, including 500 chief executives.

By Kim Ji-hyun (jemmie@heraldcorp.com)
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