Prime Minister welcomes ?500 million investment

Cisco commits to East London ?Tech City?

David Cameron has welcomed a commitment from networking specialist Cisco that will see the vendor invest in the East London ‘Tech City’ project.

According to a statement from the Office of UK Trade and Investment, the pledge will work through an initiative called the British Innovation Gateway (BIG) and will see the vendor create two ‘innovation centres’ and five annual competitions, as well as offering training and mentoring for budding entrepreneurs.

‘Tech City’ is a bold scheme in place that aims to turn East London in to a European rival to Silicon Valley, building on the current presence of technology companies in the region as well as utilising the infrastructure created to support the 2012 Olympics.

“I welcome this major statement of support from Cisco. This will help create many new jobs and opportunities, and support our drive to diversify our economy and generate sustainable economic growth,” said the Prime Minister.

“We want to bring together the energy and innovation of Shoreditch and the incredible potential of the Olympic Park to help make East London one of the world’s great technology centres. Today, this ambition is gathering pace. Cisco’s goal is a fantastic example of how business is turning this vision into reality, with East London set to become a leading Tech City.”

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