SK Telecom, a leading telecommunication company in Korea, has signed a deal with Saudi Telecom Company (STC) to collaborate on the development of the innovation capabilities in Saudi Arabia by benchmarking Korea’s creative economy concept.

The companies have also agreed to explore development of mutually rewarding business opportunities in the kingdom and potentially the region, especially in areas including healthcare, education and smart cities, said a statement.

The signing of the memorandum of understanding (MoU) between Jang Dong-hyun, president and chief executive officer of SK Telcome and Emad A Al Aoudah, acting CEO of STC, took place at the Korean-Saudi Business Forum in the Four Seasons Hotel in Riyadh yesterday (March 4).

Under the MoU, SK Telecom and STC will benchmark 'SK Creative Economic Innovation Center.’

SK Telecom expects the partnership to serve as a vehicle where not only the two companies, but also venture companies of both countries can work together to develop innovative technologies and solutions, thus opening up new opportunities for growth in both markets, said the statement.

The firms have also agreed to share technological expertise and marketing knowhow in diverse areas to strengthen their business presence not only in Saudi Arabia but also in the overseas markets.

SK Telecom will share its products and marketing capabilities in areas of smart cities, digital healthcare, smart learning, IoT, Lifeware (life+hardware/software) and BEMS (Building Energy Management System).

Through business collaboration on these areas, STC expects to secure new growth engines, extending its reach beyond the telecommunications market.

"The strategic cooperation between STC and SK Telecom is significant not just for the two companies but also for the two nations. It will provide a chance for customers of the two companies to experience innovative technologies, overcoming the geographical limitations, while playing a pivotal role in revitalising economic growth of both Korea andSaudi Arabia," said Dong-hyun

"Going forward, we hope to deepen our cooperation by expanding the areas of collaboration, including innovative business areas where SK Telecom and Korean venture companies have strength such as information security solutions,” he added. - TradeArabia News Service