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The Canadian Prime Minister, Justin Trudeau on Tuesday announced deals with Indian companies which will result in an investment of $1 billion and help create over 5,000 jobs.
Trudeau made the announcement in Mumbai after a meeting with industry captains including Tata Group chairman N Chandrasekaran, Aditya Birla Group chief Kumar Mangalam Birla, Chairman of Mahindra & Mahindra Anand Mahindra and Pallonjee Mistry group’s Cyrus Mistry.
He also participated in a discussion at the Canada-India Business Forum before attending an event with members of the film industry and a reception with business and community leaders.
“As one of the world’s fastest-growing economies, India offers exciting opportunities for Canadian businesses of all sizes. The partnerships announced today will create thousands of good, middle-class jobs for Canadians, and are further proof of the ever-growing ties between our two countries,” said Justin Trudeau. He said that there are great connections between Canada and India, Information Technology, creative arts or pharma business. Both countries share huge compatibilities and complementary strengths.
In spite of reports of cold reception from the Modi Government, Trudeau continued with engagement schedule and chaired roundtable discussions with women business leaders including ICICI Bank chief Chanda Kochhar and Swati Piramal of the Piramal Group.
He said prospects of Canadian investments in India were discussed with Indian business, especially the role played by the pension funds of Canada.
A press statement issued by Trudeau’s office said that merchandise exports to India were $4.18 billion in 2017 making India, Canada’s seventh-largest destination for merchandise exports, while merchandise imports were $4.16 billion. Bilateral trade in services between our two countries reached $2.1 billion for 2016, an increase of 1.9 per cent over 2015. India is also Canada’s 10th-largest source of tourists and international visitors, with 224,000 visits made from India to Canada in 2016.
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