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Microsoft unveils $60 mln investment plan for Korea
SEOUL, Nov 04, 2008 (Asia Pulse Data Source via COMTEX) --
Steve Ballmer, chief executive of U.S. software giant Microsoft, disclosed a plan to invest US$60 million (about 75.6 billion won) in South Korea over the next three years during his courtesy call on President Lee Myung-bak, the presidential office, Cheong Wa Dae, said Monday.
"Ballmer said to Lee that Microsoft will concentrate its planned Korean investments on fostering software manpower and new business entities and supporting their overseas advancement," Cheong Wa Dae said in a press release.
"The Korean government has pushed to promote partnerships between Korean and foreign software companies as part of its bid to foster the software industry as one of the nation's new growth locomotives. Various cooperation projects involving Microsoft are in line with the campaign," said the statement.
Ballmer came to South Korea to attend the opening ceremony of a Microsoft auto information technology research center.
Prior to his visit to Cheong Wa Dae, Ballmer signed an MOU on the $60 million investment project with the state-run Korea Software Industry Promotion Agency, the statement added.
According to presidential spokesman Lee Dong-kwan, President Lee reiterated his determination to significantly improve South Korea's investment environment for foreign companies during his meeting with the Microsoft CEO.
"Unlike in Japan, Korea's dependence on exports is very high. Confronted with shrinking global demand, the Korean government will expand its fiscal spending to expand domestic demand," the president was quoted as saying.
"Steep reduction of taxes, including corporate tax, is also planned. The government will carry out a drastic deregulation to eliminate all inconveniences for foreign investors," said the president.
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