OXFORD ECONOMICS: HUAWEI Catalyzes $690m Contribution to Canada’s GDP in 2018
(MARKHAM)—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.”
The full Oxford Economics report on Huawei’s economic contribution to Canada can be downloaded here