CISCO unveils $2 billion investment plan for Korea

SEOUL, April 14 (Yonhap) -- U.S. IT giant CISCO Systems Inc. Tuesday announced a
plan to invest US$2 billion in South Korea over the next five years that will
include the creation of a $500 million pool of investment and loans for the
country's IT and communications industry, South Korea's presidential office
Cheong Wa Dae said.
John Chambers, chairman and CEO of CISCO, revealed the plan during his courtesy
call on South Korean President Lee Myung-bak.
"President Lee thanked Chambers for CISCO's decision to invest in South Korea
despite the tough economic conditions throughout the world and said Korea's
outstanding IT infrastructure and human resources will contribute to the success
of the company's project," Cheong Wa Dae said in a released statement.
The company has invested some $700 million in Korea since 2000, according to the
presidential office.
"This means South Korea was recognized as one of the world's economic centers,"
an official told reporters, asking not to be identified.
CISCO's fresh investment will include over $1 billion for the development of a
new "ubiquitous" highly networked city under its Connected Urban Development
(CUD) program and an IT research and development center.
The company will also create an investment fund for the country's IT venture
firms, according to the presidential office.
bdk@yna.co.kr
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