EMC to invest $500 mln in China over five years http://today.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?view=CN&storyID=2006-06-23T005744Z_01_SHA56050_RTRIDST_0_TECH-CHINA-EMC-URGENT.XML&rpc=66
Thu Jun 22, 2006
BEIJING, June 23 (Reuters) - EMC Corp. (EMC.N: Quote, Profile, Research), the world's largest maker of data-storage equipment, said on Friday it would invest $500 million in China over the next five years to tap into the country's fast growth and highly educated labour force.
Most of the investment would go into product development, with plans for 100 engineers by the end of the year and 500 by 2008.
"The opportunity is immense," Chief Executive Officer Joe Tucci told Reuters in an interview in Beijing, detailing the investment plans.
"If you look at the Chinese government, several of their recent five-year plans have focused on education. The fruits of that have shown. And they're putting out first-rate students and you want to tap into that."
Tucci's Beijing trip follows a stop-over earlier this week in India, where EMC said it would double its investment in the country to $500 million by 2010, spending the extra money mostly on developing new products.
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