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Tech giants to invest in Songdo new city project

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Oct 14,2004
INCHEON ― Six companies, including Microsoft, Hewlett-Packard and Sun Microsystems, will participate in establishing a new city being constructed on an island in the Yellow Sea off Incheon. Yesterday, the companies signed a memorandum of understanding with the Incheon Free Economic Zone Authority to invest in a digital entertainment cluster district within Songdo. Songdo is part of a government project to create a leading hub of international finance, trade and logistics. The organization said yesterday that the technology giants will participate in a grand consortium along with Korean companies KT, LGCNS, and real estate developer YoungWoo & Associates. First, Youngwoo will invest $1 billion to buy land and build up basic facilities. The other five companies will decide on their exact investment scale within five months. In a high-tech environment, Microsoft will provide software and Sun Microsystems and HP will provide information technology equipment in place of capital. “We are hoping that the brand power of large global companies will help attract investors,” an authority official said. by Wohn Donghee


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