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Shanghai Expects Further Communication Cooperation with ROK
Shanghai Industrial Investment (Holdings) Co., Ltd. signed an agreement with the Information and Communication Ministry of the Republic of Korea (ROK) Thursday to jointly set up a major mobile communication fund.
The Sino-ROK fund will involve a total investment of 50 million US dollars.
Shanghai Mayor Xu Kuangdi said that he hopes the agreement will help upgrade the city's communication technology and expand market.
Yang Seung-Taik, minister of ROK Information and Communication, said that his ministry will invest another 10 million US dollars to set up an information technology development center in Shanghai.
This is the ministry's first investment project abroad, the official said.
The first-phase of 30-million US dollar fund will be used to support local high-tech enterprises in research and development projects involving mobile communication hardware and software.
Headquartered in Hong Kong, the Shanghai Industrial Investment (Holdings) Co., Ltd. is funded by the Shanghai municipal government.
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