ANNOUNCEMENT 13 Dec 2013In December 2013, the government of Canada (Province of Ontario) announced a change in private-sector financial support.
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Premier Kathleen Wynne of the government of Ontario and Cisco Canada President Nitin Kawale announced on December 13, 2013 a 10-year investment plan that establishes a framework aimed at increasing Cisco's total Ontario employee footprint up to 5,000 by 2024, reflecting a potential total investment of up to $4 billion.
The Province of Ontario will provide up to $220 million in support of the total initiative. Wynne was quoted as saying that this is the largest job-creating announcement in the history of the province's high technology sector. Much of the new hiring will be in Ottawa and Toronto, but may also be in other cities.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.