SKT, Cisco to Jointly Seek Business Opportunities in China
April 17, 2009
Korean telecom operator SK Telecom announced on April 15 that the company has signed a MoU (Memorandum of Understanding) with Cisco, a US-based IT network equipment supplier, whereby both parties plan to jointly seek business opportunities in Sichuan, China, leveraging their proprietary technologies, the Korea Herald reported on April 16.
A day prior to the tie-up, the Korean government revealed Cisco's plan to invest in or lend to Korean telecom operators and IT firms US$500 million over the next five years, Reuters reported on April 14, Additionally, Cisco also plans to establish a R&D center in Korea, while setting up a US$40 million IT fund in the first half of 2009 to aid Korean companies. Further details, however, were not yet disclosed. Thus far, Cisco has already invested around US$ 700 million in Korea since 2000.