KT Corp., the nation’s telecom giant, vowed Monday to take the lead in the era of 5G technology, saying it is at the forefront of initiatives to commercialize the world’s first network services.

“Korea, which boasts the most advanced telecom infrastructure in the world, is now leading the global telecom standardization,” KT chairman and CEO Hwang Chang-gyu said at an event to celebrate the 130th anniversary of the Korean telecom market.

The ceremony was attended by government and market officials including Choi Yang-hee, minister of science, ICT and future planning, and Choi Sung-joon, chairman of the Korea Communications Commission.

The 5G network services will create around 552 trillion won worth of production in the equipment manufacturing and services sectors from 2020 to 2026 when the services come to the market in earnest, according to the ICT Ministry.

KT, which succeeded Korea’s first telegram agency Hansung Telegram Office, introduced modern communications technology in the nation for the first time 130 years ago.

Since the establishment of the telegram office in 1885, the Korean telecommunications industry has made striking progress.

The penetration rate of smartphones in Korea, where only the royal family and the privileged used to have access to telecom technology, is now expected to exceed 80 percent ― one of the highest levels in the world.

Almost 70 percent of the mobile subscribers utilize the long-term evolution, or 4G, services here.

The economic value created by the mobile and fixed telecom services ― which are estimated to have helped save 64 trillion kilometers of car travel from 1980 to 2013 ― in Korea amounts to 7,847 trillion won ($67 trillion), according to KT’s research institute Digieco.

During the four-day commemoration event held from Monday through Thursday in Gwanghwamun, Seoul, KT will display devices and technologies that can show visitors the past, present and future of ICT, including telegraphs, telephone switchboards, beepers, smart home systems and autonomous driving systems.

KT also granted awards to research institutes, private companies and individuals, who have helped the nation to make great strides in the telecom sector, including ETRI and Samsung Electronics.

By Kim Young-won (wone0102@heraldcorp.com)