South Korea has received a shot in the arm from Motorola, which announced yesterday it will invest over $300 million expanding its presence in the country.
The company said it will spread its investment over three years but will spend over one-third of the amount in the next year, expanding its semiconductor production lines in the country. Motorola also said it had plans to enter strategic alliances with a number of the country's telcos, using money to invest in CDMA (code division multiple access)systems.
Despite the economic malaise gripping South Korea, growth in the cellular phone market is still robust but Motorola has a small share in the market, which tends to be dominated by the large Korean conglomerates.
However, the new South Korean government has relaxed the country's grip over investment from abroad and has encouraged the chaebols to allow joint ventures and other agreements with foreign investors.
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