SK Telecom has signed a Memorandum of Understanding (MOU) with the Chinese Government to jointly build an "International Digital Contents and Industrial Design Complex" in Beijing, which aims to boost the growth of China's future digital content and design industries. This world-class complex will be developed by SK Telecom in cooperation with companies such as SK Engineering & Construction and SK C&C.

In line with its goal to promote culture and local industries, the Chinese Government aims to build the new "Beijing Culture City" complex in the southeastern part of Beijing, which is designated as the Beijing Development Area (BDA). In collaboration with the Chinese Government, SK Telecom plans to develop the complex using latest technologies in order become the main center to nurture digital content and design industries.

With commercial 3G communication services soon to available in the local market, SK Telecom expects demand in the digital content industry to sharply grow, thus leading to increased global spotlight on the industry. This new partnership with the Chinese Government builds on an earlier cooperation involving TD-SCDMA development. The company said it plans to continue its contribution to the growth of China's future industries by building an international industrial complex leveraging its expertise on communication infrastructure and content business.

The company also noted that the industrial complex would promote partnership between Korean and Chinese companies, thus facilitating further development of high quality digital content services to customers.

With the signing of the MOU, SK Telecom will establish a consortium with other SK subsidiaries including SK Engineering & Construction and SK C&C and invest $1 billion to build the vast 200,000-square meter complex by 2013. SK Telecom expects to attract to this complex various globally renowned companies and Chinese venture companies.

Source:Business News & Technology News