Stockholm-based Ericsson, one of the world's largest communications companies, has announced a massive plan of investing 1.5 billion dollars in South Korea in the forthcoming 5-year span of time.

Ericsson's CEO Carl- Henric Svanberg divulged the plan at a meeting with South Korean President Lee Myung Bak in Stockholm.

The Swedish telecom equipment maker's plan involves establishment of a research and development centre in South Korea to build up environmentally-friendly technologies in association with Asian firms.

Ericsson, one of the world's largest wireless-networks makers will also bump up employment at its South Korean unit from present 80 to around 1,000 in the recent future. It should be noted that South Korea possesses a very wide wired network.

On the other hand, President Lee, who has been on a 3-day visit to Sweden, commended the Ericsson's investment plan and assured that foreign businesses would be provided with all the facilities required to rival the local companies.