• Sweden's news in English

Ericsson pours funds into South Korea

AFP/The Local · 13 Jul 2009, 09:14

Published: 13 Jul 2009 09:14 GMT+02:00

Facebook Twitter Google+ reddit

The plan was disclosed by chief executive officer Carl-Henric Svanberg at a meeting in Stockholm with South Korean President Lee Myung-Bak on Sunday, Lee's office said in a statement released in Seoul.

Ericsson will establish a research centre in South Korea to develop environmentally-friendly and fourth-generation telecommunications technologies with firms in the Asian country under the plan, it said.

The Swedish firm will also increase the number of employees at its South Korean unit from 80 to about 1,000, it said.

President Lee hailed the planned investment as helping the two countries lead the information and communications technology market, it added.

Ericsson is a world leader in high-speed wireless technology using the long-term evolution, or LTE, standard.

Story continues below…

South Korea is one of the world's most wired countries and a developer of high-speed Wireless Broadband (WiBro) technology.

Lee has been on a three-day visit to Sweden since Saturday.

AFP/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

15:06 July 13, 2009 by bocale1
And, then, you wonder why the unemployment rate in Sweden is growing higher and higher... Swedish firms get new opportunities and, instead of injecting new resources in our country, continue firing Swedish employees and invest in Asia... and we are talking about a research center, not service desk facilities in low cost countries like India & China...

well done, welcome to globalization! Fortunately, I bought a Samsung last time... Korean firm, Korean workers, Korean investment... at least, coherently fair!
12:13 July 14, 2009 by tigger007
i understand you and it's happening in america outsourcing! companies want to make products with low production cost and with high profit margins.taxes are cheaper and the cost of living is cheaper in those countries and companies can make smaller sister companies,paying less taxes.if i was a president or leader of a country,i would charger companies that outsourced jobs to pay import tax. treat them like an outside business,but i would be shot by then :)
Today's headlines
Sweden to keep record-low interest rate in 2017
Sweden's landmark negative interest rate will continue towards 2018. Photo: Anders Wiklund/TT

The Swedish central bank said that it will take longer than expected to reach its inflation target.

Presented by Stockholm University
9 unexpected study programmes at Stockholm University
Photo: Niklas Björling

Did you know Stockholm University offers 75 master's programmes taught in English? And some of them are programmes you won't find anywhere else...

Creepy clown messes with the wrong dog walker in Sweden
Not the clown in the story. Photo: Pontus Lundahl/TT

A dog helped its owner fight off a creepy clown chasing the pair in southern Sweden.

A million Swedes are digitally excluded: report
How should Sweden bridge the digital divide? Photo: Henrik Montgomery/TT

Tech-savvy Swedes? Perhaps not. A new study suggests that at least a million of its residents feel the pain of the digital divide.

Malmö's 19th Swedish title sets Champions hopes alight
Malmö fans celebrating after the match. Photo: Björn Lindgren/TT

Malmö FF have their eyes set on the Champions League after winning the Swedish league for the 19th time.

What's on in Sweden
Five great autumn events in Sweden this week
Jazz in northern Sweden. Photo: Umeå Jazz Festival

Food, music, movies and more food. What better way of helping yourself forget that the days are getting shorter and colder?

Here's how slow Sweden's high-speed trains are getting
A Swedish SJX2000 high speed train. Photo: Tomas Oneborg/SvD/TT

The high-speed rail journey between the three biggest Swedish cities is about to get longer.

The Local List
12 Swedish words with just awesome literal translations
A filthy-minded lobster, i.e. a snuskhummer. Photo: Gorm Kallestad/NTB scanpix/TT

One of our favourite things about the Swedish language is its wonderful compound words, which range from being utterly bizarre to making perfect sense.

US election
Donald Trump won't get new Ericsson head's vote
Trump pictured at a campaign rally in Florida. Photo: Evan Vucci/AP

The new Swedish-American boss of telecoms giant Ericsson has revealed he will not vote for the Republican nominee in the forthcoming US presidential election.

Swedes named fourth most gender equal in the world
A file photo of men and women pushing prams in Stockholm. Photo: Claudio Bresciani/TT

Sweden has closed 81 percent of its overall gender gap according to the World Economic Forum.

Sponsored Article
Stockholm: creating solutions to global challenges
People-watching: October 26th
Sponsored Article
Last chance to vote absentee in the US elections
Sweden cuts 2016 refugee forecast
Is Game of Thrones coming to Sweden?
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
This is Malmö: Football capital of Sweden
Property of the week: Kungsholmen, Stockholm
Sponsored Article
Where is the Swedish music industry heading?
Will Swedes soon be looking for fairtrade porn?
The Local Voices
'I simply don’t believe in nationality'
Why we're convinced Game of Thrones is based on Sweden
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
People-watching: October 21st-23rd
Sponsored Article
Swedish for programmers: 'It changed my life'
Fury at plans that 'threaten the IB's survival' in Sweden
Analysis & Opinion
Are we just going to let half the country die?
Sponsored Article
Top 7 tips to help you learn Swedish
Angry elk chases Swede up a lamp post
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
Sponsored Article
Stockholm: creating solutions to global challenges
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Swede punches clown that scared his grandmother
Sponsored Article
Where is the Swedish music industry heading?
Fans throw flares and enter pitch in Swedish football riot
Sponsored Article
One expat's strategy for making friends in Stockholm
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Nordic fashion in focus at Stockholm University
Swedish school to build gender neutral changing room
People-watching: October 14th-16th
Man in Sweden assaulted by clowns with broken bottle
Nobel Prize 2016: Literature
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Record numbers emigrating from Sweden
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
jobs available