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Cisco Systems, the world's largest supplier of networking equipment and network management for the Internet, will invest US$2 billion in Korea over the next five years. In a meeting on Tuesday, Cisco chairman John Chambers briefed President Lee Myung-bak on the investment plan, and they discussed Lee's "green growth" initiative and an environmentally friendly IT industry, Cheong Wa Dae said.
Cisco will build a global research and development center in the international business district in Songdo, Incheon this year, and plans to raise at least $40 million in a fund to invest in IT ventures in Korea. It also wants to invest in and offer loans worth $500 million for the IT infrastructure of major Korean telecoms and small businesses.
The investment is far more than the $1.1 billion Cisco invested in India to build an R&D complex in 2005. Cisco's total investment in Korea from 2000 until recently amounted to $700 million.
Chambers said the plan aims to develop new technologies for energy-saving and future-oriented urban management targeting "next-generation" business.
(englishnews@chosun.com )
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