SK Telecom (President Mr. Pyo Mun-Soo https://www.sktelecom.com) President Pyo Mun-Soo and QUALCOMM (President Jeff Jacobs http://www.qualcomm.com) Chairman Irwin Mark Jacobs held a signing ceremony in San Diego on July 6 marking the creation of a US$10 million Joint Venture Fund.
SK Telecom and QUALCOMM contributed US$5 million each into the Joint Venture Fund. The fund will invest in local and international venture companies specializing in CDMA related technology.
Through the Joint Venture Fund the two companies plan to make investments in this core technology that both companies will strategically support as it is highly likely to be adopted as the future global standard. The fund will focus primarily on specialized venture companies, which will support the joint initiative of obtaining a foothold in world markets.
In Seoul on June 18, SK Telecom and QUALCOMM signed an MOU relating to a technological cooperation on CDMA2000 1x EV-DO and the sharing of personnel resources. The two companies agreed to provide a service that will be ten times faster than the current CDMA2000 1x service in time for the 2002 World Cup begining in May.
SK Telecom’s collaboration in this Joint Venture Fund is its second participation in such a fund following one with Hewlett Packard formed on June 11. It represents a part of SK Telecom’s ongoing globalization strategy, accelerating the process by such alliances with global players.
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