We still have a long way to go before we experience the next step after 4G LTE, but telecom companies are already hard at work developing faster, more efficient networks.

Chinese smartphone maker Huawei recently said it's working with three major carriers in South Korea to establish 5G networks.

Huawei's CTO made the announcement at the Startup Nations Summit in Seoul, Korea, according to CNET, saying that the company will be working closely with SK Telecom, KT, and LG Uplus. 

SK Telecom is one of the biggest carriers in South Korea, and it commands about half of the wireless carrier market share in the country.

The fact that Huawei is working on 5G technology isn't necessarily new, but this is the first time we're hearing about these carrier partnerships.

There's no set standard for how much faster 5G will be in comparison to 4G LTE, but Huawei's white paper on the subject says the improvements will be "1,000 fold."

Don't expect to see such advancements anytime soon, however. Experts estimate we'll see early signs of 5G in 2020, but widespread deployment isn't likely until 2025. Other big tech companies such as Samsung and Ericsson are also in the process of developing and testing 5G networks. 

When 5G does eventually roll out, it'll be about much more than speed. 5G will be designed to support many different types of devices other than phones, such as wearable devices and smart home products.