Qualcomm seeks biz tie-up with S. Korean IT company

SEOUL, April 7 (Yonhap) -- Global wireless leader Qualcomm Inc. on Tuesday said it is seeking a South Korean business partner to help advance its future research and development (R&D) efforts.

The San Diego-based company, widely known for developing the code division
multiple access (CDMA) used in mobile phones, said it plans to invest in a
company that best meets its plan for future technological innovation.
The exact size of the investment has not be disclosed, although it will be the
first of its kind for the U.S. company in South Korea. In the past, Qualcomm has
concentrated on establishing R&D centers in emerging economies like China and
India.
Highlighting the importance of its future investment plan, the company said CEO
Paul Jacobs will be present at the "Global Alliance Project with Qualcomm" launch
event scheduled for Wednesday in Seoul.
South Korean companies interested in the tie-up will be asked to submit business
plans by September with the final selection to take place in October.
Related to the investment plan, the Ministry of Knowledge Economy said the future
tie-up could benefit both Qualcomm and South Korea, which is a leader in the
information technology sector.
The ministry in charge of industrial policies and investment promotion said if
Qualcomm's deal is reached, it would underline the attractiveness of South Korea
as a business investment destination.
Despite Seoul's plan to attract US$12.5 billion in foreign direct investment in
2009, the tally for the first quarter plunged 38.2 percent on-year to US$1.67
billion, down from $2.71 billion reported an year earlier