Ericsson Invests in South Korea

According to South Korean sources, Telecom giant Ericsson is planning to invest 1, 5 billion US dollars in the country over the next 5 years.

On Sunday the South Korean president Lee Myung-bak, who is currently visiting Sweden, met with the retiring Ericsson head Carl-Henric Svanberg.

News agency AFP reports that as part of the investment Ericsson will open a research centre in the country and increase their South Korean branch increase from the current 80 to around 1000 employees.  

However, Minako Nakatsuma Olofzon at the Ericsson Press Office told Swedish News Agency TT that although Ericsson is discussing a next generation mobile broadband network with South Korea, no deal has as of yet been finalised.