Cisco 1000 million dollars promised in a meeting with Medvedev

Cisco Systems Inc. said Wednesday it will invest 1,000 million dollars to boost technological innovation in Russia.

The CEO of Cisco, John Chambers, made the commitment during a meeting with Russian President Dmitry Medvedev at the company headquarters in San Jose.

Medvedev, visited the manufacturer of computer networks as part of his tour of Silicon Valley.

Medvedev said that he wants more innovation in technology for the Russian economy, which depends on oil, to create their own Silicon Valley Russian outside Moscow, in Skolkovo.

"We are honored to engage in his dream," Chambers said while the Russian president signed a memorandum of recognition before California Gov. Arnold Schwarzenegger and other guests.

Cisco said it plans to have a physical presence in the center of new technologies and to establish the second international offices for emerging group of technologies in Skolkovo. The 1,000 million dollars in investment covered by the agreement will be disbursed over the next 10 years.

Medvedev did not make many statements after signing the commitment, but said this was the first to have achieved so far. Cisco issued a statement in remarks prepared in advance, in which Medvedev expressed his satisfaction with the significant commitment to Cisco on the future of Russia.

"In the next decade Russia will become a country in which the welfare and good living are insured by their intellectual resources rather than by their natural resources for their innovative economy," Medvedev said. 'The draft Skolkovo Project embodies the attention that we are putting so much on innovation as well as public and private partnerships.

During his visit, the Russian president noted some Cisco technology as the devices for video conferencing. Chambers participants communicated with offices in London, Bangalore and others in different parts of Silicon Valley. He also created his own video with an external camera to computer.

Medvedev began his tour of the computer firms in the Bay area of San Francisco in the offices of microblogs Twitter site, from where he sent his first "tweet."

The Russian president will end his visit to the United States in Washington, where he will meet with President Barack Obama Thursday.