CISCO, one of the largest technology companies in the world, will plow $100 million into Russian venture capital projects and could increase its investment to $1 billion over several years, CEO John Chambers said on Wednesday.
California-based CISCO signed a cooperation agreement on Wednesday with the fund overseeing Russia's new high-tech park in Skolkovo near Moscow.
The announcement was made during Russian President Dmitry Medvedev's visit to the company's Silicon Valley headquarters.
Chambers said CISCO planned to invest $1 billion in projects aimed at developing of innovations in Russia and creating conditions for entrepreneurial activity.
Skolkovo is being built from scratch 20 km outside of Moscow. Research at the center will focus on five main areas: energy, information technologies, communication, biomedical research and nuclear technologies.
Russia considers the development of its high-tech sector a top priority, pledging billions of dollars to finance projects in the field.
SAN JOSE (California), June 23 (RIA Novosti)