The next generation of 5G wireless technology is expected to add $40 billion annually to Canada’s economy in the next four years.
Nokia is a global leader in telecom equipment, operating in 130 countries and employing 88,000 people. In 2022, the company had $28 billion in global sales.
Over the past five years, Nokia has invested $1.4 billion in research and development in Canada, with innovations being used by communications service providers and web-based companies, such as Amazon and Google.
Nokia employs 2,200 people in Canada and Nokia’s research and development operation in Ottawa is the largest single telecom employer in the region.
The information and communications technology sector plays an essential role in Canada’s economy and provides Canadians with good middle-class jobs. Each new job created by an investment in this sector creates 2.3 new jobs in the broader Canadian economy. Every dollar spent in this sector adds almost two dollars to our economy.
Consultations will first take place between the Government of Canada and Nokia to inform funding decisions in support of this project. If an agreement is finalized, federal funding would be provided through the Strategic Innovation Fund (SIF). Since its creation in 2017, the SIF has helped Canadian companies create and maintain close to 100,000 jobs, and has leveraged $57 billion in additional investments.
Through the SIF, the Government of Canada has already committed to invest $5.6 billion in Canadian industries, providing support for innovative projects that help position Canada to prosper in the global economy.