SK Telecom (NYSE: SKM), South Korea’s dominant mobile carrier, is on the look out for new business, with $2.2 billion at its disposal over the next five years to find and invest in them, Reuters reports. With its home market saturated, and with the telco facing stagnate revenue growth, SK said it would hunt out new technology and services, and would look overseas—including the US and China—for growth opportunities. Jung didn’t go into too many specifics, but said that SK was looking at next-generation networks and cross-industry convergence.

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SK Telecom’s last venture into the US mobile market—its Helio MVNO joint venture with Earthlink—didn’t pan out so well. After a three year struggle to gain customers, and hundreds of millions of dollars of investment poured into the start-up, SK Telecom sold Helio last year to Virgin Mobile USA (NYSE: VM) for $39 million in equity. It now holds a 17 percent stake in VMUSA. The Korean telco also has a small stake in Chinese carrier China Unicom and has made investment in other Chinese mobile companies, including content ones.

South Korea is considered one of the most advanced mobile markets in the world, and one of its most saturated. Some 95 percent of the population has a mobile phone, while 92 percent of households have broadband access. SK also told the news wire that it was testing Nokia (NYSE: NOK) mobile phones to launch in South Korea.