Even as India and Canada continue strengthening their economic connections, new research highlights the importance of Indian firms contributing to Canada. According to a study by the Confederation of Indian Industry (CII), Indian firms have invested over CAD 6.6 billion (40,446 crores) in Canada and generated thousands of jobs. The report, titled “From India to Canada: Economic Impact and Engagement,” emphasises the growing presence of Indian industry in Canada, as well as the contributions made by Indian firms to the Canadian economy through foreign direct investment, job creation and retention, research and development funding, and corporate social responsibility initiatives.
The event was unveiled recently by Commerce and Industry Minister Piyush Goyal and his counterpart from Canada, Canada’s International Trade Minister Mary Ng, during a C-IBC event in Toronto. This was Goyal’s final day of formal activities in Canada, which began with a Ministerial Dialogue on Trade and Investment in Ottawa at the start of this week. Technology services accounted for 32% of these firms, while manufacturing and engineering, life sciences, pharmaceuticals, and healthcare each contributed 25%.
Mr Goyal addressed that Canada has a sizable investible surplus and is seeking attractive investment possibilities in India. Given the increased level of engagement, they’ve begun with high-level exchanges on each side; the India-Canada economic relationship has the potential to develop dramatically. They see a lot of Indian talent contributing to the Canadian economy, as well as investments from India. He is confident that this will be a two-way street where both nations gain,” he continued.
Indian firms in Canada intend to invest and grow.
According to a CII press release, this was the first known effort to capture Indian Industry’s growing Canadian presence to highlight Indian firms’ contributions to the competitiveness of the economy of Canada in the form of FDI, jobs structured and saved, funding for research and development, and local corporate social responsibility initiatives.
Key findings of the report.
- 30 Indian firms employ over 17,000 people across eight Canadian provinces, with a total tangible investment of CAD 6.6 billion.
- These corporations spend over CAD 700 million on research and development in Canada, with 85% of those polled predicting more financing for future results.
- According to the research, participating firms want to invest more in Canada over the next five years, and 96% intend to recruit more workers. Ng stated that it shows the benefits that come from collaboration.” Working together is how they create employment and chances for growth, and by strengthening the trade links, they are ensuring the success of the businesses.
- The entire investment number may not be accurate, and the total investment by Indian firms may be significantly more significant. The companies that responded to the CII’s survey are a sample of the present level of bilateral economic engagement. The degree of the true impact of Indian firms’ investment in Canada is expected to be considerably broader than the aggregate results reported, the research stated.
Expert Opinions on the Narrative of Indian firms providing job opportunities to Canadian Lands.
According to Chandrajit Banerjee, director general of the CII, while the trade and investment collaboration between India and Canada has grown, the narrative of Indian firms in Canada and their economic effect has yet to be told. Economic engagement will lead to a deeper, more integrated strategic and comprehensive partnership as India’s commercial presence increases in Canada.
Victor Thomas, president and CEO of C-IBC, hoped that these companies would be “trailblazers,” establishing the way for others to follow, because Canada provided “a solid environment for Indian firms with good immigration policies, strong post-secondary institutions, a diverse talent pool, and is adjacent to one of the world’s largest economies.”
According to the research, the future of India-Canada economic cooperation is promising, with the resilience and vigour of corporate activity and multiple foundational agreements under bilateral negotiation.
Proofread & Published By Naveenika Chauhan