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Gates pledges $147M for South Korea IT industry

Posted: 09 May 2008 ?? ?Print Version ?Bookmark and Share

Keywords:South Korea IT undustry? automotive IT? Microsoft investment?

Meeting with South Korea President Lee Myung-bak, Microsoft Corp. founder and chairman Bill Gates unveiled plans to invest $147 million for the country's information technology over the next five years, according to the

A press release from the Office of the President of the Republic of Korea, Cheong Wa Dea, disclosed that Lee and Gates discussed ways to boost a win-win cooperation between the country and the software giant in the auto IY and game software sectors.

Microsoft also has recently partnered with South Korea's Hyundai Motor to invest $113 million and $166 million, respectively, to build an auto IT innovation center in the country, as part of the Lee government's new IT strategy. The strategy calls for the country to seize 10 percent, or about $3.8 billion, of the world's automotive IT market by 2010.

Gates further pledged to strengthen the IT and software partnership between Microsoft and South Korea's government and enterprises to create about $7 billion in economic value during the next five years.

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