Cisco plans to invest $10 billion in China over the next several years, in a bid to support local innovation and economic growth in the country.
As part of the investment, the company outlined a number of strategic partnerships and initiatives in China, which includes MoUs with China’s National Development and Reform Commission (NDRC) and the Association of Universities of Applied Sciences (AUAS).
Cisco said it wants to promote and develop the high tech industry in China, and its agreement with NDRC will focus on R&D, job creation and equity investment.
Through AUAS, Cisco will work with 100 universities in the country over four years to develop talent in ICT technology.
The announcements came after incoming CEO Chuck Robbins and his soon to be predecessor John Chambers visited the country to meet with China’s vice premier Wang Yang and other leaders in government.
The Chinese government has placed a high emphasis on technology innovation in recent years, promoting initiatives around cloud, internet growth, and manufacturing technology.
“Cisco is deeply committed to our Chinese partners,” said Robbins. “With these new partnerships and initiatives, Cisco is investing in the next-generation of Chinese technology innovation, helping capture the opportunities presented by digitisation and committing Cisco resources to ensure success together.”
Cisco entered China’s technology industry in 1994, and has maintained investment in the country for over two decades.
Robbins is due to assume his new position on 25 July, following a competitive race internally to succeed Chambers, who is retiring after 20 years in charge.