SAN JOSE, Calif. and MOSCOW -- Cisco (NASDAQ: CSCO) today announced the signing of a strategy document outlining its Research and Development plans with the Skolkovo Foundation. This marks an important milestone in Cisco's multi-year, $1bn investment in sustainable innovation within the Russian Federation. The plan sets the way for the company to create a physical R&D presence in the Skolkovo Technopolis, and was announced at the Global Technology Symposium, in Menlo Park, California.

The strategy reinforces Cisco's investment in the Skolkovo Project, an initiative supported by President Medvedev to create a technology and innovation hub on the outskirts of Moscow. Cisco recently received formal Skolkovo participant status, which enables the company to begin engineering activities and formally establish a physical presence.

Cisco aims to focus R&D in Skolkovo on high-impact areas of the business, including video and internal start-ups, using Skolkovo as the physical and virtual platform for innovation. This will contribute to transforming Skolkovo into one of the most advanced technology regions in the world.

Cisco Systems Inc. (Nasdaq: CSCO)