Microsoft unveils $60 mln investment plan for Korea

(ATTN: UPDATES with president's remarks at bottom)
By Yoo Cheong-mo

SEOUL, Nov. 3 (Yonhap) -- 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.
ycm@yna.co.kr
(END)