(MENAFN) Cisco Systems Inc., the American multinational technology firm that designs, manufactures, and sells networking equipment, announced investing USD10 billion in China to enhance its competitiveness with Huawei Technologies Co., Bloomberg reported.
The move came after the Chinese government initiative to boost the presence of local companies at the expense of American ones such as Qualcomm Inc. and Microsoft Corp., an initiative that was taken due to security concerns after Edward Snowden disclosure of confidential info about the NSA.
"They probably had to do something dramatic. They're trying to find a way to continue to have a significant piece of this market," the chairman of the Greater China business for consultancy APCO Worldwide said in a statement.
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