The MOU was signed at the closing ceremony of the 2-day "China-ROK IT Industry Fair Guangzhou 2000", which was jointly hosted by the municipal government of Guangdong and ROK's ministry of information and communication.

The two sides will establish a close alliance to strengthen their communication on technology, human resources and investment in the field.

They will set up special liaison offices, create visiting chances for experts and will organize regular IT industry conferences, according to the memorandum.

Some 50 IT enterprises from ROK, along with over 230 Chinese software companies, attended the fair to exchange views on the development of IT technologies.

A large number of enterprises from the two countries have signed contracts and cooperation intentions in technology development, equipment supply, product sales and investment.

Park Kyoo Nam, director of LG-EDS System Inc., said that LG is considering expanding its overseas market, and Guangzhou will be the first goal of the company's market exploring strategy.

Lee Dan Hyung, director of Korea Institute of Multimedia Contents & Software from ROK which signed the MOU, said that he is optimistic about the prospect of bilateral cooperation and the enterprises are confident in Chinese IT market.

(Xinhua 12/21/2000)