CWTA welcomes new federal incentives to accelerate capital investment
Accelerate Investment Initiative will help support arrival of 5G
OTTAWA, Nov. 22, 2018 /CNW/ – Canadians across the country will benefit from the government’s incentive for additional investments by facilities-based carriers, leading to continued innovation and economic growth. CWTA welcomes the Accelerated Investment Initiative announced by Minister Morneau in Wednesday’s Fall Economic Statement. The Initiative represents an important step in helping to ensure Canada’s tax policies support investment and innovation in an increasingly competitive global economy. This is particularly significant as Canada prepares for the arrival of the 5G wireless revolution.
“Investment drives success and innovation in our industry. Canada’s facilities-based carriers have already made capital investments of approximately $50 billion to build the world-class 4G LTE networks Canada enjoys today, creating what OpenSignal has referred to as a ‘global 4G superpower’,” said Robert Ghiz, President and CEO of CWTA. “Now, as 5G approaches, Canada is on the cusp of another mobile wireless revolution, one that will pave the way for digital-driven businesses of the future. It is critical that Canada’s policies support continued innovation and investment in order to remain competitive and to ensure all Canadians have access to the latest in wireless technology and services. We are pleased Minister Morneau has recognized this, and the Accelerated Investment Initiative is a very positive step toward that goal.”
Ghiz noted that an Accenture study released earlier this year estimated that $26 billion of investment would be required to deploy new 5G networks across Canada between the years 2020 and 2026, much of it by Canada’s facilities-based carriers. The same study estimated that the deployment of 5G will lead to an additional 250,000 permanent jobs for Canadians, and will result in an incremental annual GDP contribution of $40 billion by the year 2026.
“The Accelerated Investment Initiative will encourage new investment by wireless service providers, investments which will support Canadians nationwide who rely on access to wireless services every day,” said Ghiz. “This will have a positive impact not only on 5G, but on other areas of the industry which demand capital investment, including continued expansion of networks in both urban and rural areas.”
The Canadian Wireless Telecommunications Association (CWTA) is the authority on wireless issues, developments and trends in Canada. It represents companies that provide services and products across the wireless sector. Representing the industry before all levels of government and various regulatory agencies, CWTA actively promotes the industry with the goal of ensuring continued growth of the wireless sector in Canada. CWTA administers a number of initiatives on behalf of its members, including corporate social responsibility programs and the national common short codes program.
SOURCE Canadian Wireless Telecommunications Association
For further information: Greg Burch, 204-250-9244, [email protected]