South Korea's top mobile carrier, SK Telecom Co., said Tuesday it has agreed with U.S.-based Intel Corp.

to exchange technology know-how and search for business opportunities in the Internet of Things (IoT) industry.

The two firms signed memorandums of understanding on a joint project that gives access to each other's IoT-related infrastructures, aiming to commercialize business ideas and bolster the growth of the IoT industry.

The IoT is a concept in which all tangible objects are connected to the Internet and can identify themselves to other devices to exchange necessary data for improved efficiency and convenience.

"In the battle to make headway in the IoT sector, solidifying leadership through global partnership and exchanges with competitive players is a major task," SK Telecom said. "This partnership will become an important opportunity for SK to expand the scope of business and its IoT capabilities." (Yonhap)