In a bid to improve communication services and expand telecommunication networks, Samsung has signed a $6.6 billion contract with United States telecommunications giant, Verizon, to supply network equipment for broadband expansion.
The deal entails that the South Korean electronic giant, Samsung, would supply Verizon, will supply network solutions, including 5G, for next five years, 2025.
In a report made available to newsmen on Monday, the deal would amount to 3.43 percent of Samsung’s sales in 2019, leading to a boost in the businesses irrespective of the economic challenge they are prone to.
The tech giant said that it has been able to get 40-60 percent of its 5G-related parts from local vendors, which could help smaller companies, make inroads abroad down the line.
According to the company, the latest long term partnership deal with Verizon will provide users with an enhanced mobile experience with Samsung committed to furthering innovation in 5G.
Samsung noted that the contract with Verizon would help domestic information technology industry and bolster the job market that has been hard hit by coronavirus pandemic.