American IT firm IBM will invest US$110 million in Korea by the end of the month. The company is said to have reported its plan to the Ministry of Knowledge Economy. IBM is the world’s leading IT company, with sales worth US$98.8 billion last year.

According to the Knowledge Economy Ministry and the Korea Trade-Investment Promotion Agency on Thursday, IBM will invest a total of $110 million in Korea. Of this amount, $60 million will expand IBM Korea‘s capital while the remainder will take the form of loans to be repaid after five years.

A ministry official said, “Although we are attracting foreign capital, the government will not conduct any joint projects, and there will be no separate support according to the investment. IBM has made its own investment decision.”

IBM started operating businesses in Korea in 1967, and recorded sales of W1.13 trillion (US$1=W1,291) and an operating profit of W57.2 billion in the Korean market last year.

(englishnews@chosun.com )