Ericsson pledges US$1.5-bln investment in S. Korea

By Byun Duk-kun

STOCKHOLM, July 12 (Yonhap) -- Telecom giant Ericsson will invest over 2 trillion won (US$1.5 billion) in South Korea over the next five years, South Korea's presidential office said Sunday.

In a meeting with South Korean President Lee Myung-bak, Hans Vestberg said the
company will expand its payroll in the Asian country to about 1,000 employees
from the current 80.
Vestberg added that Ericsson will also set up a research and development center
in South Korea, making it a test bed for its fourth-generation information and
communications technology (ICT), according to South Korea's presidential office
Cheong Wa Dae.
During their meeting, Lee introduced his country's plan to set up a nationwide
ICT network to help increase energy efficiency under his low-carbon, green growth
policy agenda.
"President Lee said the ICT network will provide the necessary infrastructure for
the country to lead the global ICT market," Cheong Wa Dae said in a press
release.
The South Korean president arrived here Saturday for a three-day visit. He will
hold a bilateral summit with Swedish Prime Minister Fredrik Reinfeldt on Monday.
Ericsson's investment could open new opportunities for South Korea to develop
next-generation wireless broadband Internet technology, as the company is a
world-leader in systems using Long-term Evolution (LTE), an advanced set of
broadband standards, South Korean officials have said.
It would also spur South Korean companies in the Wireless Broadband (WiBro)
technology market to cooperate with the European firm, they added.
bdk@yna.co.kr