American tech giants Cisco vowed to invest $1 billion (£650 million) in the British technology sector in the next five years, boosting the country’s innovation field and creating many new jobs, the media reported on Friday.
The amount will go for a combination of job creation and education programmes, corporate acquisitions, start-up and venture capital investments, and accelerated investing in cybersecurity solutions, IBTimes wrote in a report.
For the internet of things, healthcare, retail and financial service tech products, the company has already set aside $150 million (£96m).
Cisco will also build a new office in London for 200 people. Its executives, including CEO John Chambers, announced the investment in a meeting at 10 Downing Street with David Cameron and the Business Secretary Sajid Javid.
“This massive investment from Cisco is great news for the UK’s growing digital economy and is a clear vote of confidence in our long-term economic plan,” Cameron said in a statement.
“It will create jobs and growth across the country, providing security for hard- working people.”
“Since 2011 we have delivered over and above on every objective we set with the Government in our prior commitments – encouraging technology, innovation and entrepreneurship,” said Chambers, who is slated to end his 20-year-long role as CEO on 26 July.
“Through the British Innovation Gateway initiative, we have supported the Government’s ambition to create world-class technology hubs across the country, generate jobs, diversify the economy and support sustainable economic growth.”
This is not the first time Cisco invested in Britain’s tech sector, but it does further strengthen the position of London as a technology hub for all of Europe.