Cisco to spend $1bn on Russia development

The company's chief executive has met with Dmitry Medvedev to discuss technology development in the country over the next decade

Cisco Systems will invest $1bn in technology development in Russia over the next decade.

The company said that Cisco chief John Chambers met with Russia president Dmitry Medvedev to go over "collaborative initiatives". Most big tech companies are heavily focused on so-called Bric markets, which include Brazil, Russia, India and China.

In a blog post, Cisco chief technology officer Padmasree Warrior said the networking company is aiming to replicate its Russia venture in other emerging markets. With Cisco's investment, the company is aiming to "drive entrepreneurship and sustainable innovation", according to a statement.

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