© The Financial Times Ltd 2014 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
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.
Copyright The Financial Times Limited 2014. You may share using our article tools.
Please don't cut articles from FT.com and redistribute by email or post to the web.
Sign up for email briefings to stay up to date on topics you are interested in