Microsoft plans to invest 60 million dollars in South Korea

Nov 3, 2008, 11:03 GMT

   Seoul - Microsoft Corp plans to invest 60 million dollars in South Korea's software industry over the next three years, chief executive Steve Ballmer told President Lee Myung Bak Monday during a visit to the Asian country.

   The world's largest software maker wants to concentrate its investment on advancing software developers and new companies in the industry, Ballmer was quoted as saying by Lee's office.

   US-based Microsoft also wants to encourage these firms in their expansions to other countries, he added.

   Before his meeting with Lee, Ballmer signed an investment agreement with South Korean authorities for the promotion of the software sector.

   South Korea is seeking to develop its software industry into a engine of growth for the country's economy and, therefore, has sought to strengthen partnerships between Korean and foreign software firms, the presidential office said.

   'Various cooperation projects involving Microsoft are in line with the campaign,' it said.

   South Korea's Hyundai Kia Automotive Group together with Microsoft on Monday opened a research centre near Seoul to develop information-technology products for use in cars. The Korean Institute for Information Technology Development is also participating in the project.