The initiative was unveiled at CES 2022 and its made purpose is to “create global market opportunities” according to the company.
The three companies plan to secure global competitiveness in diverse ICT areas such as semiconductors, 5G and AI and will carry out joint business activities by leveraging SK Square’s investment, SK Telecom’s AI and 5G tech and SK Hynix’s future semiconductor technologies.
From this month, the three companies will operate a ‘Synergy Council’ chaired by vice-chairman Park Jung-ho and joined by Rye Young-sang CEO of SK Telecom and Lee Seok-Hee, CEO of SK Hynix.
"By proactively responding to changes taking place in the areas of AI, metaverse and 5G, we will prepare ourselves for the next decade," said Ryu Young-sang, CEO of SK Telecom.
The firms plan to establish a base to make overseas investments later this year and this will attract investment from financial investors to create and operate a total investment capital of over KRW 1 trillion.
According to the companies, investment discussions are already underway with prominent global investors.
As convergence continues to become a major trend in the telecoms world, the SK Alliance says it will stay ahead of the trend to discover unicorns that can change the industrial landscape, leading to valuable business synergies.
Jung-ho said: "This year, the SK ICT Alliance will join forces to achieve new innovations and make a big leap forward in the global market,"
"As leading players in the global semiconductor and ICT industries, we will also make best efforts to contribute to the Korean economy."
