According to Yonhap News,

(SEOUL=Yonhap News) iSoftStone, a Chinese global IT service company, will invest KRW 10 billion (USD 8.58 million) in developing potential startups (new venture companies) and small- and medium-sized IT companies in Seoul.

iSoftStone, which also expressed its intention to establish an IT convergence research and development center in Seoul, will prepare a detailed plan with the city.

Sales of the company, which also participates in the Chinese government’s smart city project, increased from USD 20,000 in 2001 to USD 440 million in 2014.

Seoul City Mayor Park Won-soon visited the headquarters of iSoftStone in Beijing on August 4 and signed an agreement with Chairman Tianwen Liu.

"Seoul, equipped with the best infrastructure and skilled workforce, is home to 10,000 IT companies and research centers of global companies, including RSS (Russia), Toray (Japan) and Solvay (Belgium). I hope the investment from iSoftStone will help Korean startups enter the global market," said Park.

lisa@yna.co.kr

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