Cisco Canada to invest up to $4B in Ontario, creating 1,700 jobs
TORONTO -- Ontario's Liberals are handing up to $220 million to Cisco Canada as part of a deal that could see the high-tech giant invest as much as $4 billion and create thousands of jobs in the province over the next decade.
The news comes amid a rash of pending plant closures by companies that received provincial government subsidies.
Cisco, which sells computer hardware, software and services, said the 10-year deal includes a framework with the potential to grow its Ontario workforce by up to 5,000 by 2024, "reflecting a potential total investment of up to $4 billion."
Premier Kathleen Wynne said the agreement will add up to 1,700 jobs with a focus on research and development over the next six years, but there will be other benefits.
"It's very important to understand that jobs like these spawn other jobs," she said Friday from Cisco's downtown Toronto offices.
"There are other jobs that are required to support this kind of high tech, so I believe that we have a bright future because of creating hubs like this."
There are provisions within the Cisco agreement that "tie job creating and retention to performance measures," Wynne said. "It's very clear to everyone that the expectation is that that money is contingent on the jobs being created and maintained."
Cisco Canada president Nitin Kawale said it will create high-value jobs that will stimulate Ontario's economy.
"We invest in Ontario because the province produces smart young graduates," he said.
"Ontario has a stable economy and Ontario has talented, innovative and hard-working people."
Cisco Canada to invest up to $4B in Ontario, creating 1,700 jobs | CTV News
