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ICT firms make inroads into overseas markets helped by gov't program

All News 10:00 January 10, 2018

SEOUL, Jan. 10 (Yonhap) -- More than 500 South Korean firms in information and communications technology (ICT) successfully made inroads in countries in the southern hemisphere supported by a government program last year, the ICT ministry said Wednesday.

According to the Ministry of Science and ICT, 502 local ICT companies either inked deals or attracted investment in countries in the Middle East, Africa, South America and Southeast Asia in 2017.

The program is spearheaded by the ministry and the Korea Trade-Investment Promotion Agency to help local ICT firms to increase their sales or seek new overseas business opportunities.

Among the agreements are 10 new deals worth US$22 million in ASEAN countries such as Vietnam, the Philippines and Myanmar, the ministry said.

The ICT firms successfully attracted foreign investment worth $375 million in the one-year period, officials said.

The ministry also said 22 new corporate bodies were set up in the countries with the support of the government during the cited period.

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