The Korean presidential office said on July 12 that Swedish telecom equipment vendor Ericsson is expected to invest in a joint project to develop 4G LTE (Long Term Evolution) technology, Reuters reported. The Korean presidential office added that Ericsson's five-year investment project is estimated at a ballpark figure of US$1.5 billion and is projected to increase Ericsson's staff in Korea to approximately 1,000 from 80 at present. Nevertheless, after said announcement hit the press, Ericsson made clarifications to the Korea Communications Commission that the amount of its investment is still not fixed. The Swedish firm said that details of its investment plan are still being fleshed out and no definite scheme has been reached yet, according to a July 14 report by The Korea Times.