Ericsson to Invest in South Korea
July 12, 2009 by Mark Ellis
Filed under Business
In a move that will undoubtedly draw some ire from rival North Korea, Ericsson AB, the top provider of wireless networks in the world, has decided to set up a research center in South Korea. This research center will involve an investment of $1.5 billion over the next five years into the Asian country.
According to Ericsson’s CEO Carl-Henric Svanberg, the research center will be devoted to developing “fourth-generation” wireless technologies that are more environmentally friendly than previous generations. In addition to the research center, Ericsson will hire 920 more employees in its South Korea division, increasing the number of employees from 80 to 1,000.
South Korean President Lee Myung Bak has expressed his desire for South Korea to become a destination for foreign businesses and that it will allow fair competition between foreign business and South Korean rivals. Analysts expect Ericsson’s investment to enhance South Korea’s competitiveness in the high-speed wireless technology development market.
Image: Flickr
