Cisco Systems Inc. says it will invest $1 billion to help foster high-tech innovation in Russia.

Cisco CEO John Chambers made the commitment Wednesday at a meeting with Russian President Dmitry Medvedev. The president was visiting the computer networking equipment manufacturer's San Jose headquarters as part of a tour of Silicon Valley.

Medvedev says he wants to bring more high-tech innovation to Russia's oil-dependent economy and create the country's own Silicon Valley outside Moscow.

Cisco says it plans to establish a physical presence in the country's new technology center and set up a second global headquarters for its emerging technologies group in Skolkovo.

Medvedev is also scheduled to meet Apple Inc. CEO Steve Jobs later Wednesday. He spent the morning at Twitter in San Francisco.