Washington, Jun 8 (PTI) Indian companies have invested nearly CAD 11 billion across Canada in diverse sectors ranging from information technology, life sciences and manufacturing, a report by the Confederation of Indian Industry and the Canada-India Business Council said.
The report, released during the recent visit of Commerce Minister Piyush Goyal to Canada, said 50 Indian companies have a presence across eight of the 10 provinces in the North American nation and have generated more than 33,000 jobs. The employment generated by Indian companies has nearly doubled since 2023, when CII first published an analysis on Indian investments in Canada.
Indian companies have invested CAD 1.08 billion in research and development and another CAD 24 million in corporate social responsibility (CSR).
“Every single surveyed company plans to invest more in Canada over the next five years. Nearly all plan to hire more. The vast majority intend to expand their R&D and CSR commitments,” said the report titled “From India to Canada: Economic Impact and Engagement.” Last month, Goyal led a delegation of over 100 business leaders to Canada to expand trade relations and announced that India and Canada aim to conclude negotiations on a Comprehensive Economic Partnership Agreement by the end of this year. Goyal also announced that the two countries were aiming to increase bilateral trade to USD 50 billion by 2030 from the current levels.
“Mining and energy have emerged as new sectors to watch, and India and Canada seek to expand cooperation in critical minerals,” Abhik Sengupta, program officer with a US-based industry body, said.
Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney announced a strategic energy partnership in March this year to strengthen cooperation in renewable energy, LPG and uranium supplies, and critical and emerging technologies.
India-Canada trade in goods and services rose to roughly USD 23 billion in 2024, with services emerging as one of the fastest-growing segments of the relationship.
India currently imports pulses, fertilisers, newsprint, wood pulp and industrial chemicals from Canada, while exporting pharmaceutical products, gems and jewellery, garments and engineering goods. PTI SKU RD RD
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