Minister of Finance Dr. Yuval Steinitz met this morning in his Jerusalem office with John Chambers, Chairman and CEO of Cisco Systems Inc. The two had a lengthy discussion on cooperation between the Ministry of Finance and Cisco Systems, with the aim of increasing the scope of Cisco’s investments in Israel. Cisco has an R&D center in the Netanya industrial zone, with a staff of approximately 500 employees. It is Cisco’s third largest R&D center, after the centers in US and India. The meeting was also attended by Ministry of Finance Director General CPA Doron Cohen, Director of Budgets Department Gal Hershkovitz and the Government CIO, Carmela Avner. Chambers was accompanied by Cisco Israel CEO Boaz Maoz, Cisco Senior Vice-Chairman Jordi Botifoll and Cisco Vice President Corporate Government Affairs Michael Timmeny.

In According to the meeting, a joint team will be set up in order to implement the mutual cooperation. Team members will include representatives from the Ministry of Finance and Cisco Systems.

Cisco Systems, an international telecommunications company, recently acquired NDS Ltd, which operates in Jerusalem.

Minister of Finance Dr. Yuval Steinitz praised Cisco’s investments in Israel and said that “Cisco is a central investor and partner in Israel and we see great importance in expanding our cooperation.”

Cisco Systems Chairman and CEO John Chambers said that Cisco sees itself as a strategic partner of the State of Israel and is proud of this cooperation. Cisco attaches great importance to the quality of Israel’s human capital and would be happy to increase cooperation at the strategic level.