Hosted by the US Department of State and the Netherlands, GES 2019 covers five key sectors -- connectivity, energy, health, agriculture/food and water. Hwang was the only Korean telecom firm chief to attend the event that was held under the theme “The Future Now.’’

Governments and companies worldwide are scrambling to take the lead in pioneering future industries with the 5G network, as it promises business transformation that ranges from autonomous driving to remote medical services.

Stressing that the network’s business potential can be maximized by utilizing it in various industries, Hwang said participants should figure out how to integrate the technology with existing businesses.

“The 5G network can create great synergies if the Netherlands’ world-class industrial expertise in smart farms and smart cities are combined with Korea’s advanced mobile network technologies,” he said.

Hwang also noted that governments should accelerate their efforts to build key 5G network infrastructure, such as base stations. Given financial challenges faced by private companies, governments should support the construction initiative, he added.

Launched by the US government in 2010, GES is an international forum where American entrepreneurs and investors interact with their international counterparts to discuss how to address imminent global challenges.

(jasonyeo@heraldcorp.com)