Cisco pledges the Russian president Dmitri Medvedev a financial investment of $1 billion to help develop Moscow's answer to the need of IT solutions.

This investment can be supported by the recent market analyst that ranks Russia as one of the most up-and-coming locations for technology research and development. Cisco doesn't want to lose this opportunity and says that the time is right for investments in the country's IT sector.

The investment of $1 billion in Russia will come in five installments over next 10 years.

Medvedev who recently paid a visit in California's Silicon Valley on 23 June whilst his trip to the United States, visited the headquarters of social networking giant Twitter in San Francisco, Cupertino-based technology leader Apple, San Jose-based networking company Cisco Systems and Stanford University in Palo Alto.

In a public gathering he stated that it was a purposeful visit that aimed of wanting to see the pillars of success that these businesses create.