Canadian PM Justin Trudeau trip to yield $1 billion of investment between India and Canada

23 Feb, 2018

 

Canadian Prime Minister Justin Trudeau on his first visit to India and has committed a bilateral investments worth over $1 billion as both nations have close bonds owing to their deep and shared commitment to democracy and diversity.

Addressing the India Canada Business Session here jointly organised by Indian industry chambers and the Canada-India Business Council, he said that the experience of diversity enriches societies and helps promote innovation and better decision making.

He is leading around a 1,000 member delegation to India, including a record number of company representatives and has already presided over an Indo-Canadian business meeting in Mumbai.

According to Trudeau this two-way investment will create 6,000 high quality jobs in Canada and many more jobs here (India), as well.

Both Canada and India are committed to upholding and promoting democracy, and there are 1.2 million people of Indian origin in Canada and around 500,000 of them hail from Punjab.

“The diversities of religion, gender, lived experience. All these enrich us and make us more resilient.

Praising Canada’s diversity for being home to “people of my community who have done us proud in your land,” Union Food Processing Minister Harsimrat Kaur Badal invited Canadian business to invest in India “to become part of our growth story”.

Noting that agriculture and food processing are potentially major areas of Indo-Canadian cooperation, Badal said that bilateral cooperation is already ongoing in creating a cold chain infrastructure in India and setting up mega food parks in the country could be the next area.

Bilateral trade between India and Canada stood at $6.05 billion in 2016. The two countries are also working on a Comprehensive Economic Partnership Agreement (CEPA).There are currently around 400 Canadian companies operating in India.

 

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