Supporting nearly 5,000 jobs and invested $164M in R&D in 2018
MARKHAM, ON, Nov. 27, 2019 /CNW/ - Huawei represents a significant and growing contribution to Canada's Gross Domestic Product (GDP) with a total benefit equivalent to $690M in 2018 alone, according to a comprehensive new economic study conducted by Oxford Economics Ltd.
In addition, the report highlighted that Huawei supports nearly 5,000 well-paying, full-time Canadian jobs, invested $164M in R&D initiatives and generated $204M in taxation potentially helping to support public spending on health care, education and other core services – all in 2018 alone.
"Huawei's economic impact in Canada has grown significantly since 2012. The company's workforce has increased substantially, along with its procurement spending on goods and services from Canadian suppliers," said Andrew P Goodwin, Director of Applied Economics at Oxford Economics. "Huawei also supports a wider, catalytic contribution to the Canadian economy by boosting the nation's productive potential. The company accomplishes this through its own R&D spending, its collaborations with universities, the ICT training it delivers to Canadian workers and students, and by boosting the country's digital connectivity levels through its products."
The Oxford Economics study also highlighted the importance of Huawei in catalyzing Canada's productive capacity overall. In particular, long-standing partnerships with established telecommunications partners will see Huawei continue to support the expansion of broadband high-speed internet to Canadians in every corner of the country, connecting individuals, institutions and businesses of all size. Coupled with other productivity-enhancing moves such as R&D investments, partnerships and direct ICT training of 1,000 Canadians, Huawei plays a growing role in boosting the country's competitiveness in the technology sector.
"Huawei sees Canada as a strategically significant destination for ongoing investment and growth," emphasized Huawei Canada President Eric Li. "Canada's concentration of technology partners – both international and domestic, its outstanding network of universities and researchers and its welcoming immigration policies particularly for skilled high-technology workers, make it our preferred North American platform for future growth."
Other key facts from the Oxford Economics Ltd. study:
Huawei's total economic impact has grown sizably in just little more than half a decade, with attributable GDP increasing by 243% since 2012.
During that same period, the number of Canadian jobs supported by Huawei has risen 166% and tax revenues have increased by 195%.
In 2018 alone, Huawei's GDP impact included $154M contributed through procurement and supply chain effects.
In Ontario, where its Canadian headquarters is located, Huawei generated GDP worth $592M in 2018 and supported some 3,830 jobs, either directly, or through supply chain and multiplier effects.
"Huawei ranks among the top-25 spenders on R&D in Canada each year, an achievement we are keen to maintain and build upon," underscored Alykhan Velshi, Vice-President of Corporate Affairs for Huawei Canada. "We enable and enhance those sectors that will help to make the future possible – from AI to blockchain to genomics and the Internet of Things. These are foundation stones of tomorrow's economy and sustained job creation for years to come."
About Oxford Economics Oxford Economics was founded in 1981 as a commercial venture with Oxford University's business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad. Since then, the company has become one of the world's foremost independent global advisory firms, providing reports, forecasts and analytical tools on more than 200 countries, 250 industrial sectors, and 7,000 cities and regions. Its best-in-class global economic and industry models and analytical tools give it an unparalleled ability to forecast external market trends and assess their economic, social and business impact.
Headquartered in Oxford, England, with regional centres in New York, London, Frankfurt, and Singapore, Oxford Economics has offices across the globe in Belfast, Boston, Cape Town, Chicago, Dubai, Hong Kong, Los Angeles, Melbourne, Mexico City, Milan, Paris, Philadelphia, Stockholm, Sydney, Tokyo, and Toronto. It employs 400 full-time staff, including more than 250 professional economists, industry experts, and business editors—one of the largest teams of macroeconomists and thought leadership specialists. The global team is highly skilled in a full range of research techniques and thought leadership capabilities from econometric modelling, scenario framing, and economic impact analysis to market surveys, case studies, expert panels, and web analytics.
Oxford Economics is a key adviser to corporate, financial and government decision-makers and thought leaders. Its worldwide client base now comprises over 1,500 international organisations, including leading multinational companies and financial institutions; key government bodies and trade associations; and top universities, consultancies, and think tanks.
About Huawei Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. With integrated solutions across four key domains – telecom networks, IT, smart devices, and cloud services – we are committed to bringing digital to every person, home and organization for a fully connected, intelligent world.
Huawei's end-to-end portfolio of products, solutions and services are both competitive and secure. Through open collaboration with ecosystem partners, we create lasting value for our customers, working to empower people, enrich home life, and inspire innovation in organizations of all shapes and sizes.
At Huawei, innovation focuses on customer needs. We invest heavily in basic research, concentrating on technological breakthroughs that drive the world forward. We have more than 180,000 employees, and we operate in more than 170 countries and regions. Founded in 1987, Huawei is a private company fully owned by its employees.
The full Oxford Economics report on Huawei's economic contribution to Canada can be downloaded here.
SOURCE Huawei Canada
For further information: please visit Huawei online at www.huawei.ca, or contact: Alykhan Velshi, Vice President of Corporate Affairs, Huawei Canada, [email protected]