Mubo Supports Samsung Electronics' $1.2 Billion Equipment Purchase from US Telecom Verizon

Lee In-ho, President of the Korea Trade Insurance Corporation (fourth from the left), is taking a commemorative photo with Verizon officials after attending a meeting at Verizon headquarters in New Jersey, USA, on the 21st (local time).

[Asia Economy Sejong=Reporter Dongwoo Lee] The Korea Trade Insurance Corporation announced on the 22nd that it will support $1.2 billion (approximately 1.7 trillion KRW) for the network construction project of Verizon, a U.S. mobile carrier in which Samsung Electronics is participating.

This project involves Samsung Electronics supplying network equipment worth 8 trillion KRW for Verizon's 5G (5th generation mobile communication) network construction. It includes supplying communication equipment and network solutions, as well as providing installation and maintenance services until 2025.

Lee In-ho, president of the Korea Trade Insurance Corporation, visited Verizon's headquarters in New Jersey, USA, the day before and discussed detailed cooperation plans for this major project with Scott Kron, Verizon's vice president.

Amid expectations that new 5G business orders among global telecommunications operators will increase recently, it is anticipated that the competitiveness of Korean companies in securing telecommunications projects will be further strengthened.

The Korea Trade Insurance Corporation has supported export financing worth $4.4 billion (approximately 6.2 trillion KRW) over the past 10 years for supply projects related to communication equipment and devices as part of efforts to foster the export ecosystem of domestic new industries such as 5G, thereby enhancing market competitiveness in new industry sectors and helping expand exports of small and medium-sized enterprises in related fields.

President Lee said, "Amid intensifying competition for 5G investment in the global network market, I am honored to support the 5G equipment construction project of Verizon, a major U.S. mobile carrier in which Samsung Electronics is participating," adding, "The corporation will do its utmost to provide financial support so that our companies with excellent technological capabilities can lead the global telecommunications network industry."

This content was produced with the assistance of AI translation services.