BEIJING -- Cisco and its Chinese partners announced today a range of initiatives for the Chinese market that will support local innovation, help with the country's ongoing transformation, and support the growth of local economies and businesses. This marks a new chapter for Cisco, continuing over two decades of commitment and investment in China with its Chinese partners. This renewed commitment, worth $10 billion over the next several years, was announced in conjunction with visits and meetings by Cisco Chairman and CEO John Chambers and incoming Cisco CEO Chuck Robbins. Chambers and Robbins met with Chinese Vice Premier Wang Yang and leaders of other government agencies in Beijing.
Cisco signed a Memorandum of Understanding (MoU) with China's National Development and Reform Commission (NDRC) to expand investment in China, focusing on areas of innovation, equity investment, R&D and job creation, in order to promote the development of a high tech industry in China, while actively helping meet the country's long-term goal of innovation-driven development.
Cisco also signed an MoU with the Association of Universities (Colleges) of Applied Science (AUAS), which was established under the guidance of China's Ministry of Education, to advance the training of information and communications technology talent. Through the existing Cisco Networking Academy® Program, Cisco will invest in a four-year program with 100 universities (colleges) of applied science recommended by AUAS.
Over the past 20 years, China has been one of the world's most important growth markets. Today, the country is in a critical period of development as it accelerates its transformation toward digitization and a consumption-driven economic growth model. Cisco maintains its long-term commitment to the growth and advancement of China through its sustainable development strategy for the country. Recent initiatives promoted by the government such as "China Manufacturing 2025," "Internet+" and its cloud strategy have been powerful drivers of economic growth. The newly announced initiatives combine Cisco's strengths with the direction of China's industrial transformation, helping the country innovate and globalize. These initiatives will help power the development of China's economy and society in order to create a sustainable environment.
Cisco Systems Inc. (Nasdaq: CSCO)