Cisco invest in London’s ‘Silicon Valley’.
New money will be put into the East London office project.
Cisco have chosen to invest in the UK Prime Minister’s plans for a Silicon Valley styled ‘tech district’ in East London.
The communications and networking company have pledged to invest over £310 million into the project. This announcement follows a meeting between Mr Cameron and the CEO of Cisco, John Chambers. During the meeting they discussed formalising plans that would see the American company investing heavily in the project.
“This will help create many new jobs and opportunities, and support our drive to diversify our economy and generate sustainable economic growth. “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,” commented David Cameron.
The scheme is part of the BIG project which the Government wants to implement to encourage economic growth in the capital. The heart of the scheme is the London 2012 Olympic Games which will hopefully gain the interest of various companies and investors.
“This project is a logical progression of the work we’ve done in the east of London for the 2012 Olympic Games, and we are delighted to work with the UK Government as it serves as a reminder of how business and government, working together can turn vision into reality,” John Chambers, CEO of Cisco.
This is a giant step forward for the project but on the whole it still has a long way to go if its to even come close to the standard of California’s Silicon Valley.