Network technology company Cisco Systems announced on Tuesday a significant investment in foreign development, with an initiative in Turkey totaling $275 million.

This announcement was made by John Chambers, President and CEO of Cisco Systems, during his visit to Central and Eastern Europe and highlights the growing importance of Turkey in the global emerging markets.

"Technology is able to drive the productivity and standard of living for communities and countries on a global basis, and Turkey understands the critical importance and transformative impact technology can have on businesses, governments, societies and the overall economic growth of the country, Chambers said.

The company plans to spend five years in the country of Turkey, with plans to support the country's e-transformation agenda by providing technology and establishing programs. The company also plans to open a Cisco Technology Innovation center and Cisco Entrepreneurship Institute to work with local companies.

Cisco Systems