Cisco Systems seeks local Chinese partners
(Xinhua)
Updated: 2006-06-16 10:58
The world's largest telecommunications network equipment provider Cisco
Systems announced here Thursday it is seeking Chinese partners with 200 million
US dollars.
"Most Chinese companies Cisco invested in are around Beijing and we hope to
find more of them in west China," said Thomas Lam, president of Cisco Systems
(China) Networking Technology Co. Ltd. in an interview with Xinhua in Chengdu,
west China's Sichuan Province.
Cisco set up a venture capital fund in China three years ago, which has
invested 300 million US dollars in more than 30 innovative Chinese companies.
West China is Cisco's fastest growing area in China, said Lam. Cisco divides
its business in China into four major bases; Beijing, Shanghai, Guangzhou and
Chongqing.
The president said Cisco has made strategic investments in education it will
continue to spend more money on education in China.
The American company invested in more than 200 distant-education schools in
China, 14 of them in Sichuan.
"China is a large country of manufacturing and more of Cisco's production
will go to the country," said Lam. Over 20 percent of Cisco's products are made
in China.
Cisco reported annual sales of 24.8 billion US dollars last year with profits
of 5.74 billion US dollars.
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