Cisco Systems Signs MOU with Songdo IBD

April 14, 2009 Songdo IBD in the News One comment
John Chambers Cisco Chairman, Mayor Ahn, Sang-soo, Stan Gale, Gale International Chairman

John Chambers, Mayor Ahn Sang-soo, and Stan Gale

By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger

Korea media notes that Cisco Systems, the world’s No. 1 network equipment maker and the Songdo IBD have signed a MOU to develop  the Cisco Global Center for Intelligent Urbanization (CGCIU). The U.S. network equipment maker will provide technologies for energy saving and urban management.

Cisco Chairman John Chambers pointed out that the Songdo IBD project would launch Cisco’s vision of advanced integrated urban management network technology, which goal is to improve the quality of living.

Gale International Chairman Stan Gale shared that Cisco’s decision to select Songdo IBD for the CGCIU world headquarters highlights Songdo IBD’s ability to attract leading global companies to South Korea, which in turn will spur growth and create jobs.

One comment

  1. Don Southerton says:
    April 16, 2009 at 3:23 pm

    Lots of media also notes the VVIP meeting between Korean President Lee and Cisco Chairman Chambers.

    Cisco Systems to Invest $2 Billion in Korea

    Cisco Systems, the world’s largest supplier of networking equipment and network management for the Internet, will invest US$2 billion in Korea over the next five years. In a meeting on Tuesday, Cisco chairman John Chambers briefed President Lee Myung-bak on the investment plan, and they discussed Lee’s “green growth” initiative and an environmentally friendly IT industry, Cheong Wa Dae said.

    Cisco will build a global research and development center in the international business district in Songdo, Incheon this year, and plans to raise at least $40 million in a fund to invest in IT ventures in Korea. It also wants to invest in and offer loans worth $500 million for the IT infrastructure of major Korean telecoms and small businesses.

    The investment is far more than the $1.1 billion Cisco invested in India to build an R&D complex in 2005. Cisco’s total investment in Korea from 2000 until recently amounted to $700 million.

    Chambers said the plan aims to develop new technologies for energy-saving and future-oriented urban management targeting “next-generation” business.

    http://english.chosun.com/w21data/html/news/200904/200904150025.html