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The prime minister David Cameron has expressed his happiness at the news that technology giant Cisco is to invest more than $500 million (£309,888,503) in the UK.
Following a meeting with the company's chairman and chief executive John Chambers, Mr Cameron said that the company has pledged to support the implementation of the British Innovation Gateway (BIG).
The scheme is part of the coalition government's plan to foster a culture of entrepreneurship in the UK and will involve a five-year strategy aimed at creating more high-tech small businesses and in turn, more jobs.
Cisco will support the establishment of two networked Innovation Centres where new technologies and solutions will be tested and developed.
Mr Cameron said that the deal will help the UK economy and make the country a hub for technological innovation.
"I welcome this major statement of support from Cisco. This will help create many new jobs and opportunities and support our drive to diversify our economy and generate sustainable economic growth," he added.
Last year Mr Cameron outlined plans to make east London a hub for technological innovation which will eventually rival Silicon Valley in the US.
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