US network equipment giant Cisco Systems said on Wednesday that it plans to invest more than US$10 billion in China along with local business partners over the next several years.
The company said in a statement that it had signed a preliminary agreement with China’s National Development and Reform Commission to expand investment in the country, Reuters reported.
Resources will be put to use to fund innovation, equity investments, research and development and job creation in the world’s biggest internet market.
The investment plans came after high-level meetings recently between top Cisco executives and Chinese Vice Premier Wang Yang and other government agency leaders, the report said.
Cisco is looking to capitalize on initiatives promoted by the Chinese government including “China Manufacturing 2025″, “Internet+” and its strategy to deliver more services as cloud-based Internet services.
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