The South Korean IT industry has had a further boost from US investors, following Motorola's decision last week to plough $300 million into local companies.
According to 'The Korean Herald', Samsung - one of the biggest chaebols (conglomerates)- has succeeded in raising $1.2 billion from US firms General Electric, Corning and Goldman Sachs.
The money, which could include equity stakes, covers a wide variety of technologies including telecomms, plane engines and consumer items including freezers and microwave ovens.
Microsoft, too, has put its money into the country. Steve Ballmer, a senior vice president at the company, said it will provide nearly $80 million worth of its software to educational institutions in South Korea.
Intel, too, is understood to be close to striking a deal with Samsung, as part of its existing relationship with the company. Both have a joint development plant in Austin, Texas.
Samsung, the second largest South Korean chaebol, will seek further money from other US companies, according to the reports. One of those is tipped to be Hewlett Packard. It is also looking to forge similar links with companies in Europe and the Middle East.
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