The report presented by Union Commerce and Industry Minister Piyush Goyal during his visit to the city, is the first known attempt to highlight Indian Industry’s growing Canadian presence
Washington: Indian companies have invested more than CAD 6.6 billion in Canada creating thousands of jobs in the country, with all of them planning to invest more in the future, according to a CII report released in Toronto, a PTI report in The Tribune, Chandigarh, says.
The report ‘From India to Canada: Economic Impact and Engagement’ presented by Union Commerce and Industry Minister Piyush Goyal during his visit to the city, is the first known attempt to highlight Indian Industry’s growing Canadian presence.
The 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.
“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,” Goyal said at the report presentation event organised by CII and Canada-India Business Council.
“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,” he said.
According to the report, 30 Indian companies together with an aggregate tangible investment of CAD $6.6 billion, employ approximately 17,000 people across eight Canadian provinces.
The collective research and development expenditure by Indian companies in Canada is more than CAD $700 million, with 85 per cent of those surveyed anticipating increased funding for future innovations, it said.
According to the report, 100 per cent of participating companies plan to invest more in Canada in the next five years, and 96 per cent plan to hire more employees.
Canadian Minister of International Trade Mary Ng said that strengthening the Canada-India economic partnership is good for businesses on both sides of the Pacific.
***********************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com