Prime Minister David Cameron’s vision for East London as one of the world’s leading technology centres is “gathering pace”.
The Prime Minister met John Chambers - the chairman and chief executive of multinational electronics and communications firm Cisco, which has committed to invest in the planned East London Tech City.
Mr Chambers joined Mr Cameron, Science and Innovation Minister David Willetts and Communications Minister Ed Vaizey at Number 10 for talks about Cisco's plans.
They include setting up two “innovation centres” - one in Shoreditch and the other at the Olympic Park in Stratford.
Cisco also plans to provide mentoring by its experts for entrepreneurs and is going to hold regular competitions to showcase the best small and medium-sized UK firms.
Mr Cameron said Cisco's commitment would “help create many new jobs and opportunities, and support our drive to diversify our economy and generate sustainable economic growth”.
“We want to bring together the energy and innovation of Shoreditch and the incredible potential of the Olympic Park to help make East London one of the world's great technology centres.
“Today, this ambition is gathering pace. Cisco's goal is a fantastic example of how business is turning this vision into reality, with East London set to become a leading Tech City,” Mr Cameron said.
Mr Chambers said Cisco's work on the Tech City project was a “logical progression” from its involvement in East London as part of the 2012 Olympics.
“The Prime Minister's Tech City initiative is very exciting for the UK and we have worked closely with the Government on ways to strengthen it.”