A consortium of Korean companies has signed an agreement with a Peruvian consortium under which Korea will supply know-how and technology for the construction of an IPTV-based educational network in Peru, in exchange for minerals such as copper, zinc and molybdenum, according to the Korea Digital Media Association (KODIMA).

The contract is initially worth KRW 230bn (US$ 173mn), with the project expected to be expanded to grow to US$ 1bn in size and be completed by 2012.  Under the first phase of the project, an optical network will be installed for 1mn Peruvian households in and around the capital of Lima, along with the establishment of an IPTV broadcasting centre.

“The contract marks the first occasion of Korea exporting IPTV technology which could be touted as a significant achievement of diplomatic efforts by Korean entrepreneurs to secure resources in Latin America," said Kim In-gyu, head of KODIMA.  “The technology will act as a driver in creating new jobs, thanks to a growing demand of contents creators fueled by penetration of IPTV services around the world."

The five companies or organisations involved in the Korean consortium are the Institute of APEC Collaborative Education, KT Networks, EG-CNC, NetWorld Korea and Ivi Study.