The Ontario government has announced its support for telecommunications equipment company, Ciena Canada (ciena.com), in its development of new technology designed to increase the speed and capacity of fibre optic networks.
The province announced Monday that it would be providing Ciena a $25-million grant as part the company’s commitment of investing $900-million over five years to expand research and development in Ontario. Ciena has also committed to partnering with universities in research and development, and the hiring of 125 university graduates.
The grant is part of the province’s five-year “Open Ontario” plan, designed to create new job opportunities and help promote economic growth. Introduced by Premier Dalton McGuinty in March 2010, the five-year Open Ontario plan was a far-reaching set of policies for the nurturing of “a climate where business can thrive, create jobs and build innovative new products to sell to the world.” These measures included the funding of education to train workers, as well as tax reforms to encourage business, chiefly the halving of taxes on new business investment.
Ciena anticipates its R&D investment, coupled with the $25-million government grant, to help create 353 new jobs and support 967 existing jobs.