Cisco to invest over $13b in China
UNITED States technology giant Cisco announced yesterday that it will invest more than US$10 billion (S$13 billion) in China in the coming years to help the country "innovate and globalise".
Cisco signed a Memorandum of Understanding (MOU) with the National Development and Reform Commission, China's top economic planning agency, to expand investment in the country, focusing on the areas of innovation, equity investment, research and development, and job creation, the company said in a statement.
Cisco, which entered China in 1994, also inked an MOU with an association of universities of applied science to train information and communications technology talent. The initiatives are worth in excess of US$10 billion in total, which will be spent over the "next several years", the company said.
Cisco's routers, servers and switching systems are key units of global interconnectivity and help power the Internet.
"We look forward to furthering our digitisation efforts, contributing to talent development and gross domestic product (GDP) growth opportunities in China," said Cisco chairman and chief executive John Chambers.
The programmes "combine Cisco's strengths with the direction of China's industrial transformation" and are expected to help the country "innovate and globalise", the Cisco statement said.
"With these new partnerships and initiatives, Cisco is investing in the next generation of Chinese technology innovation," the company's incoming CEO, Chuck Robbins, was quoted as saying in the statement. AGENCE FRANCE-PRESSE