Indian businesses invested CAD 6.6 billion ($5 billion) in Canada and created 17,000 jobs, according to a report by the Confederation of Indian Industry, the Canada-India Business Council and the Indian High Commission in Ottawa.
The report analyzed 30 Indian firms operating in eight Canadian provinces and found that technology services accounted for 32% of companies, while manufacturing and engineering, life sciences, pharmaceuticals and healthcare accounted for 25% each.
Even as India and Canada work to deepen economic ties, a new report underscored the value Indian businesses bring to Canada, with investments of CA$6.6 billion and the creation of 17,000 jobs in the North American nation.
The report From India to Canada: Economic Impact and Engagement was prepared by the Confederation of Indian Industry, or CII, in collaboration with the Canada-India Business Council, or C-IBC, and the Indian High Commission in Ottawa.
This was announced by Trade and Industry Minister Piyush Goyal and his counterpart, Canada’s International Trade Minister Mary Ng, at a reception hosted by C-IBC in Toronto on Wednesday. This was the last day of official engagements for Goyal, who was on a bilateral visit to Canada that began with a ministerial dialogue on trade and investment in Ottawa on Monday.
The CII report states that this is “the first known attempt to capture the growing Canadian presence of Indian industry to highlight the contribution of Indian companies to the competitiveness of the Canadian economy in the form of foreign direct investment, jobs created and saved, and research funding.” and development, as well as local corporate social responsibility initiatives.”
The report included a sample of 30 Indian companies. They operate in eight Canadian provinces and have also spent over CA$700 million in research and development expenditures.
“Given the greater level of engagement we have now embarked on with high-level exchanges on both sides, India-Canada economic relations can improve very significantly. We see a lot of Indian talent contributing to the Canadian economy and even investment coming from India to Canada. I am sure it will be a two-way traffic and both countries will benefit from it,” Goyal said of the report.
Ng noted that it “shows the benefits that come when we work together. Collaboration is how we create jobs and opportunities for growth, and by strengthening our business ties we set our business up for success.”
The total investment figure may not reflect the full picture and the total investment by Indian firms may be much higher. “Companies responding to the CII survey are a sample of the current level of bilateral economic engagement, and the extent of the true impact of Indian investment in Canada is expected to be substantially greater than the aggregate results reported,” the report concluded.
Victor Thomas, president and CEO of C-IBC, hoped these companies would prove to be “pioneers” that would pave the way for others, as Canada offered a “robust environment for Indian companies with favorable immigration policies, strong post-secondary institutions and diverse talent.” pool and is next to one of the largest economies in the world.” CII CEO Chandrajit Banerjee said, “As India’s business footprint in Canada grows, our economic cooperation will lead to a stronger, more integrated strategic and comprehensive partnership.”
Technology services accounted for the largest share of these companies at 32 percent, while manufacturing and engineering, as well as life sciences, pharmaceuticals, and healthcare accounted for 25 percent each.
Written by: Vaishali verma
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