Cisco is set to make a $100m (£76m) investment in the UK to speed up the nation's digital innovation.
The commitment includes the creation of a London-based artificial intelligence (AI) research centre in partnership with University College London, which will house more than 200 researchers and academics.
Prime minister Theresa May welcomed the news, stating that it was a "vote of confidence" from Cisco in the government's Industrial Strategy, which is a long-term plan to boost the productivity and earning power of UK workers.
"I particularly welcome the announcement of the new AI research centre in partnership with UCL," May said.
"Research has shown that AI could add £232bn to the UK economy by 2030 and developments like this will help with our ambition to put the UK at the forefront of the AI and data revolution."
The investment is part of Cisco's Country Digital Acceleration programme, which works in conjunction with the UK's Industrial Strategy to address challenges in the areas of AI, digital inclusion in an aging society, increasing network capabilities on public transport and investing in digital innovation in the green sector.
Recently appointed digital secretary Jeremy Wright said the UK has become a "natural destination" for large tech companies to operate in.
"Cisco's strong commitment to the UK highlights that we have the ambition, research excellence and regulatory environment for world-leading firms to develop the innovations that will change people's lives for the better," he said.
According to research conducted by Cisco and Gartner, the UK ranks fifth in the world based on seven factors that influence a nation's ability to embrace digital, including infrastructure, skills, business and government investment and technology adoption.
Cisco CEO Chuck Robbins said that the vendor is committed to accelerating digital growth in the UK.
"We believe that the UK's expertise in AI and its commitment to making sure future innovators have the right digital skills will help ensure the nation's citizens are well positioned to capture the opportunity ahead," said Robbins.
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