Cisco will invest over $546.6 million ($1 billion reais) during the next four years in Brazil. Initiatives the company will be spending the funds on include opening a Cisco center of innovation in Rio de Janeiro, and will also be investing in a Brazil-focused ICT and digital economy venture capital fund. Cisco will also be working on the expansion of local manufacturing in the country, and intellectual property agreements and partnerships with Brazilian companies and entities.
Cisco expects these investments will generate around 800 jobs in Brazil, directly and indirectly through its partner ecosystem.
The announcements were made during the opening ceremony of the Cisco Plus event in Rio de Janeiro in the presence of Brazilian Minister of Communications Paulo Bernardo; Rio de Janeiro State Governor Sergio Cabral; and the Mayor of the City of Rio de Janeiro, Eduardo Paes.