The Canadian telecom industry has undergone a major transformation in recent years. Once a sleepy backwater dominated by a handful of large incumbents, the sector is now one of the most innovative and competitive in the world. Thanks to a series of government initiatives, Canada is now a leader in 5G and fibre deployment, and our telecom companies are at the forefront of developing new technologies and services that are powering our digital economy.
Contributing $57 billion to GDP and supporting over half a million jobs across the country, the sector is also a major driver of innovation, investing $6 billion annually in research and development. With its continued investment in research and development, the telecom industry will help to ensure that Canada remains at the forefront of the global telecom market.
This industry is highly competitive, with over 100 service providers competing for customers. Competition has helped to improve service quality, making it easier for Canadians to stay connected.
The telecom industry plays a vital role in bridging the digital divide. With over 95% of Canadians having access to high-speed internet, the telecom industry is helping to ensure that all Canadians have the opportunity to participate in the digital economy.
The Canadian telecom industry is an important part of our economy and a major driver of innovation. Thanks to competition and government regulation, Canadians enjoy some of the best telecommunications services in the world. As we continue to digitize our economy, telecom companies will have a great impact on the digital future.