Cisco becomes latest name to open new site in Ontario tech hub

by Andrew Roach on December 16, 2013

Over the past few months, Ontario’s booming tech hub has seen both national and international leaders in the tech field set up new offices throughout the region.

This trend looks set to continue as the national arm of IT networking giants Cisco have announced that they plan to invest at least $4bn in their Canadian site over the next 10 years.

This move is expected to create around 1,700 new jobs and is expected to be dedicated to increasing the research and development of new ideas and systems within the company.

It comes as other leading international technology companies such as Huawei and Motorola set up shop in the region as they both look to take advantage of the booming business in and around the province.

Cisco isn’t exactly new to the area having had their base in the Toronto area for several years but this is the first time that the company has made a significant pledge to investing in the region.

One of the major roles to play in the new strategy has been the support from the Ontario government who have revealed that they will lend $220m to Cisco to help get their plans running as quick as possible.

The support by the government was given as a subsidy which is a scheme that the company has run for the past few years as they look to help attract and keep international corporations in the region.

Many senior officials within the provincial government were delighted to hear the news as Premier Kathleen Wynne excited to see what it would mean for the local economy. In a statement to the press, Wynne heralded it as a major breakthrough stating: “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 was some criticism launched towards the government over their part in the Cisco deal with opponents blaming the PM of favouritism as some manufacturing companies such as Novartis and Kelloggs shut down their sites after their negotiations fell through.

Although the loss of those companies will no doubt be a major blow, the fact that Cisco have agreed to invest heavily in the region is a sign that there is still life in the area and that Ontario is now firmly one of the most thriving tech hubs throughout the entire world.

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Written by: Andrew Roach Follow by: RSS, Twitter, Facebook, or YouTube

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