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Microsoft Corp. plans to invest $60 million in South Korea over the next three years, President Lee Myung-bak’s office said Monday.

In a statement, the presidential Blue House said Microsoft (MSFT, Fortune 500) CEO Steve Ballmer spoke of the plan during a meeting with Lee at the president’s office.

The money will be invested in areas including training and new business cultivation, the statement said.

Korean-language press materials released by Microsoft mentioned the projects but made no mention of the investment amount.

Separately, Microsoft, South Korea’s Hyundai-Kia Automotive Group and South Korea’s Institute for Information Technology Advancement opened a center to develop information technology products and services focused on automobiles.

The opening of the Automotive IT Innovation Center follows an agreement in May by Microsoft and the world’s fifth-largest automotive group to cooperate in developing next-generation in-car information and entertainment systems, Kia Motors Corp cash till payday. said in a press release.

"Microsoft and Hyundai-Kia Automotive Group share a similar vision for the role that information technology will play in connecting people to information, communications and entertainment while they are in their cars," Ballmer said, according to the release.

Also, Ballmer and Nam Yong, CEO of LG Electronics Inc., signed a memorandum of understanding aimed at strategic collaboration in the area of mobile convergence, LG said. 

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