Chinese IT Firm to Invest W10 Billion into South Korean Start Ups

D-Bo , Aug. 4, 2015, 9:38 a.m.

A Chinese information technology (IT) company will invest 10 billion won (US$8.58 million) in startups and small firms to nurture the IT industry in the country's capital, the Seoul metropolitan government said Tuesday. SoftStone, a company that provides system implementation outsourcing, signed an agreement to that effect with Seoul Mayor Park Won-soon in Beijing, the city government said in a press release.

The city government will soon come up with plans to help the Chinese company open an IT Research and Development (R&D) center in Seoul, the release said. "Seoul is a city where over 10,000 IT firms, together with high-quality human resources and optimal infrastructure are located," Park said. "Many outstanding overseas companies, including those from Russia, Japan and Belgium, already have their R&D centers here." iSoftStone's sales soared to US$440 million last year from $20,000 in 2001.

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