US INVESTORS FOLLOW LEAD TO SOUTH KOREA

The South Korean IT industry has received a further boost from US investors, following Motorola's decision last week to plough $300 million into local companies.

According to Far Eastern reports, Samsung - one of the biggest South Korean conglomerates - has succeeded in raising $1.2 billion from US firms General Electric, Corning and Goldman Sachs.

The money, which could include equity stakes, covers a wide variety of technologies including telecoms, plane engines and consumer items.

Microsoft has also put its money into the country. Steve Balmer, a senior vice president at the software gaint, said it will provide nearly $80 million worth of its software to educational institutions in South Korea.

Intel was also understood to be close to striking a deal with Samsung, as part of its existing relationship with the company. Both have a joint development plant in Austin, Texas.

Samsung will seek further money from other US companies, including HP, according to reports. It was also looking to forge similar links with companies in Europe and the Middle East.