South Korea's No. 3 mobile carrier LG Uplus Corp. said Sunday it will foster local startups specialized in the Internet of Things technologies under cooperation with a local creative economy center.

Under the plan, LG Uplus will receive applications from local IoT-related startups that are seven years or younger, and selected firms will be provided with education programs and opportunities for business collaborations with the mobile carrier.

LG Uplus said the plan aims to find potential partners in line with its vision to stand as the leader in the IoT industry.

IoT is a concept in which all tangible objects are connected to the Internet and can identify themselves to other devices in order to exchange necessary data for improved efficiency and convenience.

The project will be conducted together with a creative economy center in North Chungcheong Province.

The creative economy vision, initiated by the Park Geun-hye administration, calls for generating new growth opportunities through merging different industries, especially through information and communications technology.

It has been one of President Park Geun-hye's key policies and helped open "creative economy centers" in major regions throughout the nation that have fostered startups. (Yonhap)