Cisco Announces $16B China Expansion
November 1, 2007 By JOE McDONALD, AP Business Writer
Cisco Chief Executive John Chambers, right, toasts a champagne with Jack Ma, chairman and CEO of Alibaba Group after witnessing a joint ventures partnership signing agreement at a hotel in Beijing, China, Thursday, Nov. 1, 2007. Network gear maker Cisco Systems Inc. on Thursday announced a multi-year, US$16 billion (euro11.1 billion) series of initiatives to expand in China with investments in manufacturing, venture capital and education efforts. Chambers said the ventures include a partnership with Alibaba Group, China's biggest online commerce company, to develop business services for small and medium-sized companies. (AP Photo/Andy Wong)
(AP) -- Network gear maker Cisco Systems Inc. unveiled a multiyear, $16 billion expansion in China on Thursday with investments in manufacturing, venture capital and education.
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