Taiwanese Hon Hai recently announced that the company has partnered with Taiwan's III (Institute for Information Industry) in the development of a cloud computing software project, Taiwan's Economic Daily News reported on May 25. The project is scheduled for launch in June, 2009. Through the alliance, Hon Hai and III will apply for R&D subsidies from Taiwan's Ministry of Economic Affairs and jointly set up a cloud computing laboratory in Taiwan. Meanwhile, Hon Hai also plans to construct a R&D center in Kaohsiung Software Park located in southern Taiwan in July 2009, with a total investment of NT$1.9 billion (US$ 57.6 million; US$1 = NT$32.6), according to the same source.