Telecomunicaciones y tecnología
Cisco to set up R&D center, invest in South Korea
The presidential Blue House estimated Cisco's investment in the urban planning research center 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 Chief Executive John Chambers met South Korean president Lee Myung-bak on Tuesday.
In the city planning area, the U.S. 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.
(Reporting by Rhee So-eui and Marie-France Han; Editing by Nick Macfie)