Cisco is to help Luxembourg digitise its economy thanks to a Memorandum of Understanding signed at the World Economic Forum event in Davos, Switzerland.

The US-based vendor and the country’s Ministry of State will work together over the next three years on a range of initiatives across education, cyber security, the Internet of Things and fintech.

In education, they will look to overturn “an acute shortage of IT skills” by opening one of Cisco’s Networking Academies at the University of Luxembourg.

Founded in 1997, the “NetAcads” aim to equip citizens with the skills they need in a digital economy.

The two parties promised to work together to “develop an IoT ecosystem”, although further details were not provided.

Cisco will also provide “advice, expertise and solutions” in cyber security as well as systems that “enable financial service providers to reduce the risk of cyber attacks and improve customer experience”.

Luxembourg Prime Minister Xavier Bettel said: “Luxembourg has the ambition to be a digital leader in Europe.

"Therefore we need to be at the forefront of technological development in order to embrace the acceleration in digitisation.”

Cisco is collaborating with governments in 16 countries via its “Country Digital Acceleration” concept.

Last November, it unveiled a $1 billion fund to back the development of smart cities.

Chuck Robbins, CEO and Chairman of Cisco said: "Luxembourg has been a great innovator in Europe for many years, and now is the time to accelerate innovation to achieve the vision of a true Digital Luxembourg.”

Read more: Cisco follows BT in partnering with INTERPOL on cyber crime

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