[THE INVESTOR] Korea’s three mobile carriers are trying to persuade lawmakers and government officials to rethink President Moon Jae-in’s pledge to cut subscription costs, industry sources said on May 29.

The move came as the new administration seeks to abolish the basic subscription fees of 11,000 won (US$9.83). Mobile carriers are concerned that the change will hurt their earnings that are critical for future investments.

Sources said SK Telecom, KT and LG Uplus each created offices devoted to government-related issues with staff of around 80 to 100, and they are currently focusing their efforts to cope with the issue.

The companies are also contacting officials from the Ministry of Science, ICT and Future Planning, as well as the National Assembly’s Future Planning, Science, Broadcasting and Communications Committee, the sources added.

By Alex Lee and newswires (alexlee@heraldcorp.com)