Seoul – 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, South Korea’s presidential office spokesman Cheong Wa Dae said, as reported by Yonhap News. Cisco CEO and chairman John Chambers revealed the plan during his courtesy call on South Korean President Lee Myung-bak. 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 company has invested some US$700 million in Korea since 2000, according to the presidential office. Chambers said the plan aims to develop new technologies for energy-saving and future-oriented urban management targeting ‘next-generation’ business.
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