Mumbai, Feb 21: India, as one of the fastest
growing economies in the world, offers significant opportunities to create high
quality jobs and bolster prosperity in both the countries, says Prime Minister
of Canada Justin Trudeau.
“As one of the world’s fastest growing economies, India
offers exciting opportunities for Canadian businesses of all sizes,"
Trudeau said, announcing new commercial partnerships with India here on
Tuesday.
He met senior corporate leadership of Tata Sons, Infosys, Mahindra Group of Companies, Aditya Birla Group, Jubilant Bhartia Group, and the Shapoorji Pallonji Group.
Trudeau welcomed the more than $1 billion in investments between Canadian and Indian companies that will see increased collaboration in several key sectors, including infrastructure, information technology, aerospace, clean technology, film production, and research and development.
As for the Canadian companies investing in India, the majority goes to the country’s financial sector.
Brookfield is spending $480 million to buy Indian investor Essar’s 1.25-million square foot office complex in Mumbai. Fairfax India Holdings Corporation of Canada also announced it’s spending $200 million on a 51 per cent stake in the Catholic Syrian Bank Ltd.
Kasi Rao of the Canada-India Business Council said the Fairfax purchase showed how big business could still be done between the two countries without a Canada-India Foreign Investment Promotion and Protection Agreement (FIPA) in place.
“It’s a good start. Beats the alternative of no jobs and no investment,” Goldy Hyder of Hill & Knowlton Strategies told reporters, adding that big trade deals like NAFTA had taken Canada’s attention away from India.
Infosys, which operates in five Canadian cities, plans to double its operations in the next two years.
“We see several hundred or more jobs, local Canadian jobs that we can expand into,” Infosys CEO Salil Parekh told Trudeau.
Pharmaceutical comapny Jubilant Life Sciences plans to invest more than $100 million into its operations in Kirkland, Quebec, in the next five years.
Canada and India enjoy a strong and growing cultural and people-to-people ties which Trudeau said would foster a economic partnership that creates high quality jobs in the two countries.
India is Canada’s 10th-largest source of tourists and international visitors, with 224,000 visits made from India to Canada in 2016.
Bilateral trade in services between our two countries reached $2.1 billion for 2016, an increase of 1.9 per cent over 2015.
During the day, Trudeau participated in a women’s leadership round table to discuss how Canadians and Indians can benefit from new opportunities to cooperate in the global economy and promote women’s economic empowerment.
He also attended an event with members of the Indian film industry.
India has a film and audio-visual co-production treaty with Canada. UNI
He met senior corporate leadership of Tata Sons, Infosys, Mahindra Group of Companies, Aditya Birla Group, Jubilant Bhartia Group, and the Shapoorji Pallonji Group.
Trudeau welcomed the more than $1 billion in investments between Canadian and Indian companies that will see increased collaboration in several key sectors, including infrastructure, information technology, aerospace, clean technology, film production, and research and development.
As for the Canadian companies investing in India, the majority goes to the country’s financial sector.
Brookfield is spending $480 million to buy Indian investor Essar’s 1.25-million square foot office complex in Mumbai. Fairfax India Holdings Corporation of Canada also announced it’s spending $200 million on a 51 per cent stake in the Catholic Syrian Bank Ltd.
Kasi Rao of the Canada-India Business Council said the Fairfax purchase showed how big business could still be done between the two countries without a Canada-India Foreign Investment Promotion and Protection Agreement (FIPA) in place.
“It’s a good start. Beats the alternative of no jobs and no investment,” Goldy Hyder of Hill & Knowlton Strategies told reporters, adding that big trade deals like NAFTA had taken Canada’s attention away from India.
Infosys, which operates in five Canadian cities, plans to double its operations in the next two years.
“We see several hundred or more jobs, local Canadian jobs that we can expand into,” Infosys CEO Salil Parekh told Trudeau.
Pharmaceutical comapny Jubilant Life Sciences plans to invest more than $100 million into its operations in Kirkland, Quebec, in the next five years.
Canada and India enjoy a strong and growing cultural and people-to-people ties which Trudeau said would foster a economic partnership that creates high quality jobs in the two countries.
India is Canada’s 10th-largest source of tourists and international visitors, with 224,000 visits made from India to Canada in 2016.
Bilateral trade in services between our two countries reached $2.1 billion for 2016, an increase of 1.9 per cent over 2015.
During the day, Trudeau participated in a women’s leadership round table to discuss how Canadians and Indians can benefit from new opportunities to cooperate in the global economy and promote women’s economic empowerment.
He also attended an event with members of the Indian film industry.
India has a film and audio-visual co-production treaty with Canada. UNI
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