While creating tens and thousands of jobs in the country, Indian companies have invested more than CAD $6.6 billion in Canada, further planning to invest more in the future, as per a CII report released in Toronto.
FDI Creating Business And Jobs In Canada
During his visit to the city, Union Commerce and Industry Minister Piyush Goyal launched The report ‘From India to Canada: Economic Impact and Engagement’.
It holds a great significance as this is the first known attempt to capture Indian Industry’s growing Canadian presence.
Moving ahead, this report highlights the contributions made by Indian companies to the Canadian economy in the form of FDI, jobs created and saved, and funding for research and development as well as local corporate social responsibility initiatives.
Improvement In Relationship
During the report launch event which was organized by CII and Canada-India Business Council, Goyal stated, “Canada has a large investible surplus and is looking for good investment opportunities in India. Given the greater degree of engagement we’ve now embarked upon with high-level exchanges on both sides, the India-Canada economic relationship can improve very significantly.”
Adding, “We see a lot of Indian talent contributing to the Canadian economy, and even investments coming in from India to Canada. I am confident that this will be a two-way traffic, and both countries stand to benefit,”.
So far, over 30 Indian companies with an aggregate tangible investment of CAD $6.6 billion, employ approximately 17,000 people across eight Canadian provinces, as per the report.
The research and development expenditure by Indian companies in Canada is more than CAD $700 million collectively with 85 percent of those surveyed anticipating increased funding for future innovations, it said.
Further, the report says that 100 percent of participating companies plan to invest more in Canada in the next five years, and 96 percent plan to hire more employees.
According to the Canadian Minister of International Trade Mary Ng, strengthening the Canada-India economic partnership is good for businesses on both sides of the Pacific.
This report also represents the benefits that come when we collaborate.
Ng said, “Working together is how we create jobs and opportunities for growth, and by reinforcing our trade ties we’re setting our businesses up for success.”