Cisco Canada signs billion-dollar deal with the province

Cisco Systems president Nitin Kawale takes part during a panel discussion on "Technology and Communication" during the Global Business Forum in Banff, Alta., Sept. 19, 2013. (Larry MacDougal / THE CANADIAN PRESS)

TORONTO - Cisco Canada has signed a ten-year deal with the Ontario government that could see the company invest up to $4 billion in the province.

Cisco Canada president Nitin Kawale says the company will add up to 1,700 high-tech jobs within the first six years, with a focus on research and development.

The agreement also includes a framework with the potential to grow Cisco's total Ontario employee footprint up to 5,000 by 2024.

Premier Kathleen Wynne was on hand for the announcement, and said the province will provide up to $220 million for the initiative.

Wynne says it's the largest job-creating investment in Ontario's high-tech sector, and calls it a substantial vote of confidence in the province's educated workforce.

Cisco is a world leader in IT products and services.