A Confederation of Indian Industry (CII) report titled 'From India to Canada: Economic Impact and Engagement' revealed that Indian companies have made a big impact on the Canadian economy with investments of CAD 6.6 billion and the creation of many jobs.
According to the report released by Union Commerce and Industry Minister Piyush Goyal, 30 Indian companies employ roughly 17,000 people across eight Canadian provinces, with investments exceeding CAD 6.6 billion.
All companies surveyed in the report plan to increase their investments in Canada over the next five years, with 96 percent intending to hire more employees. The businesses have spent over CAD 700 million on research and development in Canada, and 85 percent of those surveyed expect to invest more in future.
Appreciating the findings Goyal said, “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. 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 two-way traffic, and both countries stand to benefit.”
Victor Thomas, CEO of CIBC, attributed the success of Indian companies in Canada to the country's welcoming immigration policies, good universities, diverse and skilled workers, and large economy.
Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada, commented, “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.”
