Brazil represents a key global priority and growth opportunity for Cisco (NASDAQ: CSCO). In recent years, the country’s Cisco subsidiary has been growing consistently, more than 20% each fiscal year. This could be enough to justify the company’s new investments of more than $546.6 million (R$1 billion), which Cisco announced on April 2.
Planned to take place over the next four years, Cisco’s investments include the opening of a Cisco center of innovation in Rio de Janeiro; investment in a Brazil-focused ICT and digital economy venture capital fund; the expansion of local manufacturing in the country; and intellectual property agreements and partnerships with Brazilian companies and entities to co-develop innovations to better serve the market.
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Cisco expects these investments will generate around 800 jobs in Brazil, directly and indirectly through its partner ecosystem. More importantly, the company predicts it will create a platform for innovation and high-tech entrepreneurship in Brazil. Cisco hopes to catalyze and accelerate technology innovation, education and economic growth in Brazil.
Cisco created a Brazilian board within the company to lead its long-term strategy for the country and help increase Brazil’s global competitiveness and standard of living by providing information and communication technology tools, knowledge and implementation through a public-private relationship.
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