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Alcatel Forms Venture Capital Fund In China

Alcatel has announced a Corporate Venture Capital Partnership Program to stimulate the development of IT and telecom technologies in China and the delivery of broadband services to Chinese users.

Under the program, Alcatel's Chinese subsidiary, Alcatel Shanghai Bell, will manage a dedicated venture fund that will invest in IT and telecommunications start-ups and nurture them through their early stages. Alcatel will also provide these companies with access to its research and development facilities to test the prototypes of new technologies and products.

Alcatel Shanghai Bell president Gerard Dega said in a statement noted that China is one of the world's fastest growing telecommunications markets and has immense untapped potential." The Venture Capital Partnership Program enables Alcatel to stay close to changing market needs and emerging opportunities," he said in a statement. "We are committed to playing a key role in the advancement of Chinese telecom industry. Leveraging on the success of the Program, Alcatel is able to remain ahead of the competition in providing the best-of-breed solutions to our customers."

Under the program, Alcatel will also offer Chinese companies marketing and distribution support.