WASHINGTON, May 11 (PTI): Indian companies have invested more than CAD 6.6 billion in Canada creating tens and 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.
The report ‘From India to Canada: Economic Impact and Engagement’ launched by Union Commerce and Industry Minister Piyush Goyal during his visit to the city is the first known attempt to capture 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 launch 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, together, 30 Indian companies 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. The 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,” Ng said.
According to Chandrajit Banerjee, CII director general, while trade and investment partnership between India and Canada has continued to grow, the story of Indian companies in Canada and their economic impact is yet to be told.
The first edition of the report demonstrates how Indian companies across Canada are expanding their investments, creating jobs, funding research and development initiatives, and supporting their communities through corporate social responsibility programmes, he said.
“As India’s business footprint grows in Canada, our economic collaboration will lead to a stronger, more integrated strategic and comprehensive partnership,” Banerjee said.
Victor Thomas, president and CEO of CIBC said Canada can be a robust environment for Indian companies with favourable immigration policies, strong post-secondary institutions, a diverse talent pool, and being one of the largest economies in the world.
“The fact that all the Indian companies interviewed have plans to expand further underscores the success they have had and signifies the potential for further growth. This is hopefully just the beginning of great things to come, these companies can serve as trailblazers, who have paved the way for more Indian companies to enter the Canadian market and contribute to our shared prosperity,” Thomas said.