Google and Google Canada announced a new investment deal today, with the Canadian tech giant committing $1 billion to help Canadian firms compete in a number of key global markets.
The agreement includes the creation of a new Google Canada division and the creation and integration of a number more Google Canada-focused businesses and services in Canada.
The companies will also share data and work with each other to develop and implement their shared strategies.
Google Canada will also collaborate with other technology companies and institutions to explore ways to build and deploy data-driven solutions to address challenges such as climate change, the report said.
The company said in a statement that the agreement will support Google Canada’s efforts to create a more connected, competitive and globally competitive economy and society.
“With a growing and global economy, it’s critical to continue to attract the best and brightest talent to build the next generation of innovation and solutions that can benefit all Canadians,” said Google Canada president and CEO Eric Schmidt in a press release.
“This investment is a critical first step toward this goal.”
The Google Canada team will begin work this week on a strategic investment plan, which will focus on two areas: digital transformation and the expansion of Google Canada.
Google is already investing $600 million in Canada in order to expand its presence and build a more robust presence in the province, the company said.
The plan will include a new digital strategy and a strategic plan for digital transformation, it added.
The news comes just days after the federal government announced a $2 billion investment plan to help companies grow in Canada and help them compete globally.
The government announced the investment today, calling it an “important investment” in the sector.
The Google deal comes after a similar deal between Google and Apple, in which Google is committed to investing $2.7 billion in Canada over five years.
Apple announced its $2-billion investment in Canada earlier this month, but Google’s announcement is expected to be even more significant, with Google Canada now set to become a full-fledged Google Canada subsidiary.