News Release

Cisco CEO John Chambers: Internet Is Reshaping Economy

Hails Clinton Administration for Driving Internet Economy
Nov 30, 1998

Hails Clinton Administration for Driving Internet Economy and Fueling Economic and Job Growth

SAN JOSE, Calif. -- November 30, 1998 -- Cisco Systems president and CEO John Chambers, speaking at a White House meeting on E-commerce, today laid out his vision for the Internet Economy and praised President Clinton and Vice President Gore for supporting high-tech policies that create jobs and economic growth.

"President Clinton and Vice President Gore have shown remarkable leadership building an Internet Economy that is reshaping the fortunes of countries, companies and people," said Chambers.

In his address at the White House meeting, which was attended by government and high-tech leaders, Chambers reviewed the "State of the Internet" and how far E-Commerce has progressed in just a few years.

"Some very smart people in our own high-tech industry once dismissed the Internet as a fad. Now, more than 70 million Americans use the Net, 44 million have shopped on it, $2.8 billion in online retail sales will change hands this holiday season and 15 million Americans researched mortgages online last year," added Chambers.

As remarkable as those statistics may sound, they pale in comparison with what the Internet will mean for the economy in the next decade.

"By 2003, an estimated $1.5 trillion in annual E-commerce is forecast and by 2005 over 1 billion people will be online worldwide. High-tech will also directly create 1.8 million jobs - one in every 9 new jobs in the United States," he said.

"With Internet leaders and government working hand in hand, America can look to a bright horizon filled with hope," said Chambers. "To achieve that, government and business leaders, and teachers and parents, must accept the challenge to give everyone access to the Internet and a quality education."

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