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business & economy

Ericsson Secures $1.8 Billion Deal

Published måndag 29 mars 2010 kl 18.15
Ericsson CEO Hans Vestberg signs the contract.

Swedish telecommunications company Ericsson announced that it won a contract worth 1.8 billion US dollars to build out China’s mobile net. The deal was just one in a line of nine large agreements that were closed while a Chinese business delegation visited Stockholm on Monday.

Ericsson will help China Mobile and China Unicom reach out to 1.3 billion customers, the whole of the Chinese population.

“I believe that this shows globalization,” Minister for Enterprise and Energy, Maud Olofsson, told Swedish Radio News. “We can’t just talk about Sweden, alone and isolated. We collaborate globally and have to understand that China is a very important nation when it comes to economic development and business.”

Swedish companies Tele2, Telenor, Sanvik, and Boliden also signed various deals with Chinese companies at the event.

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