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

President Lee said that the delightfully understated Microsoft CEO Steve Ballmer had mentioned the plan during a meeting at the President's office. The money will be invested in areas including training and new business cultivation, the statement said.

Microsoft has been spending a lot of cash in South Korea lately. Today, it also announced it had signed a deal with South Korea's Hyundai-Kia Automotive Group and South Korea's Institute for Information Technology Advancement. The idea is to open a center to develop information technology products and services focused on cars.

"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 in a release.