Cisco Systems Inc plans to set up a research centre in South Korea and invest or lend $500 million in the country’s technology and telecom sectors, the Korean presidential office said on Tuesday.
The presidential Blue House estimated Cisco’s investment in the urban planning research centre and related projects to exceed the $1.1 billion the company previously invested in its Indian research complex, but did not specify a time frame. Cisco CEO John Chambers met South Korean president Lee Myung-bak on Tuesday.
In the city planning area, the US network equipment maker would provide technologies for energy saving and urban management, according to the Blue House statement.
In a separate project, Cisco would invest or lend about $500 million in South Korean telecom operators and technology infrastructure over the next five years, it said.
Cisco is also planning to raise $40 million or more in a fund to invest in Korean technology ventures, the Blue House said. Cisco declined to comment on the statement. (Reuters)