IBM and Chinese Company to Provide Nokia Electronic ElementsIBM China Company Ltd. and the China Great Wall Computer Group Co. (CGC) signed a contract Tuesday to set up a new joint venture, producing electronic elements for Nokia, one of the world's biggest mobile phone producer.Wang Zhi, CGC president, said Beijing GKI Electronic Co. Ltd., the new joint venture, is to be built in the Xingwang Industrial Park, a mobile telecom park in the Beijing Electronics and Technology Development Area. CGC shares 30 percent of the total 25 million U.S. dollars investment. The new company is expected to start running in January 2001. Henry Chow, Chairman of IBM China Company Ltd., said IBM started cooperating with CGC since 1994. So far, the two companies have set up five joint ventures. The new company's establishment is a sign of IBM's long-term development in China. Petri Vainola, vice-president of Nokia Sourcing and Procurement APAC, hopes the cooperation of the three parties will support Nokia's business expansion in China, and also benefit China's development in its IT industry. IBM China Company Ltd. has set up branches in 11 Chinese cities. Nokia's investment in China exceeded one billion U.S. dollars by 1999. |
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