5G technology has the potential to be 1,000 times faster than 4G LTE services.
The South Korean ministry of Science, ICT and Future Planning will invest KRW 500 billion over the next seven years on 5G development.
This new policy is designed to move the nation up in terms of mobile technology patents by 2020. The South Korean government hopes to eventually control 20 percent of the global mobile communications equipment market.
Huawei, Ericsson, ZTE, China Mobile, and the Chinese and European governments have all announced 5G research initiatives.
