Korea's KCC (Korea Communications Commission) stated in a February 1 announcement that the Korean government will seek to improve the country's nationwide IT infrastructure, making Korea's high-speed Internet and wireless broadband services ten times faster by 2013, according to JoongAng Daily of Korea. It is estimated that the whole project will require an investment of 34.1 trillion Won (US$24.88 billion; US$1=1370.4 Won), with 1.3 trillion Won (US$948.62) coming from the government and the rest invested by the private sector. With the completion of IT infrastructure upgrade, high-speed Internet and mobile broadband services in Korea will be elevated to 1Gbps and 10Mbps, respectively. The upgrade project will also convert the existing communications networks, such as landline phones, to IP (Internet Protocol)-based systems, too.