Cisco Canada and the Province of Ontario signed a 10-year agreement that will see the firm establish a $4 billion global research and development hub in the east-central part of the country.
Under the terms of the agreement released by the firm, Cisco will add up to 1,700 high tech jobs with a focus on R&D within the first six years. The agreement also includes a framework with the potential to grow Cisco’s total Ontario employee footprint up to 5,000 by 2024, reflecting a potential total investment of up to $4 billion, including $2.2 billion in salaries alone. The Province of Ontario will provide up to $220 million in support of the total initiative.
Cisco said this new initiative builds upon its growing presence in Ontario, including investments in university chairs, planning for a new and expanded Toronto headquarters, the Pan Am Games technology infrastructure sponsorship, and Smart + Connected community initiatives. With this partnership, Cisco looks to harness Ontario’s skilled workforce, renowned educational institutions and competitive business climate. Cisco’s new positions will be located primarily in Ottawa and Toronto, with additional opportunities created across Cisco’s Ontario operations.
Rob Lloyd, Cisco President of Development and Sales said, "Canada
continues to be one of Cisco’s best success stories globally. Cisco has invested in retaining and growing our employee footprint here in Ontario, particularly in R&D jobs. Today’s announcement with Premier Wynne is another milestone in driving our business in Canada and a testimony to our very positive relationship with the Province of Ontario."
Nitin Kawale, President, Cisco Canada, said;"Today marks a significant milestone for Cisco Canada and Province of Ontario. This announcement builds on our existing partnership and our mutual commitment to drive productivity and create new economic opportunities through innovation. Together with the Province we will create, high value jobs that will stimulate the economy. This initiative will also ensure that Ontario continues to be a leader in the information and communications technology industry, with a vast talent pool representing the country’s next generation of innovation.”
The agreement with Cisco supports the Province of Ontario’s focus on economic development and job creation. By partnering with Cisco, the province demonstrates a strong commitment to fostering innovation and, through research and development, bringing new technology to market.
Dr. Eric Hoskins, Minister of Economic Development, Trade and Employment, “Cisco’s investment positions Ontario as an undisputed leader in the global tech industry. We’re sending a message to the world that Ontario is the best place anywhere for business to innovate, grow and create jobs. Today’s investment and the jobs it will create are part of our plan to create opportunity today and for the long-term.”
Cisco officials said Ontario and Cisco fully intend to continue focusing on initiatives to help Ontario realize a transformational vision, increase productivity, and drive world-class innovation and sustainable economic development.
Kathleen Wynne, Premier of Ontario said, “Our plan to create jobs and grow the economy is focused on smart, forward-looking investments that build on Ontario’s strengths. Today’s announcement is about supporting our talented technology workers. Together, we’re going to show the world what Ontario can do.”
“This is a great example of how government partnerships with the private sector can help create jobs and grow the economy. We are building on Ontario’s position as a global leader in research and innovation, and creating important tech sector jobs across the province,” she added.
Source: Ontario Ministry of Economic Development, Trade and Employment