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The communications giant Cisco has backed British prime minister David Cameron’s plans to turn areas of east London into a hub of technology-based business endeavour.
As a result, several hundred million pounds looks set to be invested by the American company to help foster an environment of innovation and dynamism in office space sites initially being readied for use during the 2012 Olympic Games.
Cisco is getting involved through the British Innovation Gateway, which Mr Cameron is hoping will help the ‘East London Tech City’ to become a “world-leading technology centre”.
The government and the Olympic Legacy Company are both very much involved in the scheme that is aiming to ensure that enough money, expertise and man-power is channelled in the proper way to initiatives across the east of the city.
In response to news of Cisco’s commitment, Mr Cameron commented: “This will help create many new jobs and opportunities and support our drive to diversify our economy and generate sustainable economic growth.”
Cisco chief executive John Chambers said: “We are delighted to be working with the UK government on this project as a logical progression from our work in the east of London for the London 2012 Olympic Games.
“The prime minister’s Tech City initiative is very exciting for the UK and we have worked closely with the government on ways to strengthen it.”
A not dissimilar idea is already taking hold in New York, where an area of open plan office space in Manhattan dubbed the General Assembly is attracting ambitious start-up technology companies from across America and gaining support from the likes of the New York City Economic Development Corporation and the Silicon Valley Bank.