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June 24, 2010 5:03 pm
Cisco Systems, the world’s largest maker of networking equipment, has promised to invest $1bn in Russia over the next decade.
Cisco is also going to increase its venture capital investments in the country by $100m, and will establish offices at the new technology hub that is being built outside of Moscow.
The commitments came as Russian president, Dimitry Medvedev, met with a number of Silicon Valley companies seeking support for his plans to launch Russia into the high-tech age. Earlier this year, Mr Medvedev announced plans to build Russia’s answer to Silicon Valley in Skolkovo near Moscow.
John Chambers, Cisco’s chief executive, said Russia represented a growth opportunity for Cisco, as the country invested in building out its communications infrastructure.
Cisco already has a presence in Russia, as an anchor investor in Almaz Capital Partners, a Russian venture capital firm. It also runs 133 Cisco Networking Academies across the country, training engineers in use of its technology. It plans to increase this number to 300.
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