Mr. Speaker, Nortel Networks is solidifying Canada's reputation as a global leader in high technology.
Today the company announced a $587 million global injection in its booming optical networking business, creating a total of 5,000 jobs and tripling overall production capacity by next year.
This strategic investment will expand and accelerate the development and deployment of the company's market leading optical Internet networks.
Montreal and Ottawa will come together, to borrow some words from a Nortel advertisement, as the greatest beneficiaries of this major capital infusion. New high tech facilities will be constructed in both cities, with approximately 2,300 new jobs shared between the two.
In total Nortel expects to invest $210 million in Ottawa and an additional $120 million in Montreal. This is a huge vote of confidence in Canada's high technology future and the future of the Ottawa area as Silicon Valley North.
This is a clear sign that globally renowned companies on the cutting edge of the new information technologies recognize that Canada—