• Friday, May 24, 2024

Business

Indian firms invest CAD $6.6b in Canada, create jobs: report

India and Canada flags (iStock)

By: Shubham Ghosh

India-based companies have created nearly 17,000 employment opportunities in Canada besides investing CAD $6.6 billion (£3.9 billion) across the North American country, a report released on Thursday (11) by the Confederation of Indian Industry (CII) in partnership with the Canada-India Business Council (C-IBC) and the Indian high commission in Canada showed.

Titled “From India to Canada: Economic Impact and Engagement,” the report is the first to capture the increasing presence of Indian firms in Canada and their contributions to the country’s economy.

The report has also highlighted the benefits of Indian foreign direct investment, jobs created and saved, funding for research and development and local corporate social responsibility initiatives, India’s Live Mint reported.

The survey report captured a sample of 30 companies from India doing business in Canada. It found that all of them have plans to increase their investments in Canada in the next five years. The companies come from various industry sectors, operating in eight out of Canada’s 10 provinces, with the largest concentration of responding companies in places such as Ontario and Quebec.

The release of the report comes at the time of India’s commerce and industry minister Piyush Goyal’s visit to India and can be seen as a key step towards strengthening bilateral relations between the two nations and finding out new ways for economic cooperation.

“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. 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,” Goyal said, according to Asian News International.

According to Mary Ng, Canadian minister of international trade, export promotion, small business and economic development, “Strengthening the Canada-India economic partnership is good for businesses on both sides of the Pacific. The CII and C-IBC report shows the benefits that come when we collaborate. 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.”

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