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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
November - December 2022
Issue 145
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India assumes G20 Presidency
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In a historic moment, India formally assumed the G20 Presidency, from Indonesia, on 1 December 2022 . The G20, or Group of Twenty, is an intergovernmental forum of the world’s 20 major developed and developing economies, making it the premier forum for international economic cooperation. On the occasion, Prime Minister Modi penned an article outlining India’s vision for the G20 Presidency. This was carried by publications across the world. In his article, PM Modi said that India looks forward to a Presidency of healing, harmony and hope. A key element of India’s G20 Presidency will be taking the G20 closer to the public and making it truly a ‘People’s G20’.
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PM Modi thanks several world leaders for wishes on India assuming G20 Presidency
For more information :
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Foreign ministers of India, Canada hold talks on Indo-Pacific strategy,
G20 collaboration on the sidelines of East Asia Summit
The Foreign Ministers of India and Canada held talks on the sidelines of East Asia Summit, in Phnom Penh, Cambodia on 12 November 2022, focusing on growing the bilateral relationship as well as cooperation in ensuring success of G20 events. Canadian Foreign Minister Mélanie Joly tweeted that during her conversation with Indian External Affairs Minister S. Jaishankar, they discussed the new Indo-Pacific Strategy which was released in October 2022. As the same time, they also spoke about how both the countries plan to work together to strengthen people-to-people ties and advance shared interests as India chairs the G20 next year.
In his response, Minister Jaishankar said they spoke about “enhancing our bilateral cooperation and promoting people to people ties.” He added they also “exchanged views on the Indo-Pacific and how Canada’s new strategy can contribute to the bilateral relationship.”
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India restores e-visa facility for
Canadian passport holders
For more information :
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India expected to be world’s fastest growing economy in 2023 : World Economic Forum
India is set to be the world's fastest growing major economy in the year ahead, as a post-pandemic retail boom and recent bank balance-sheet repairs attract new investment. This is likely to fuel hot demand for everything from cars to televisions, coal and airliners. The world's fifth-largest economy is expected to grow beyond 6% in the fiscal year ending March 31, 2024, according to a survey by the Indian central bank this month.
India’s economic outlook contrasts with bleaker 2023 projections in the United States, Europe and most noticeably China where a recent surge in COVID-19 infections is expected to hobble activity next year.
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H.E. Mr. Sanjay Kumar Verma assumed charge as High Commissioner of India to Canada on 1 November 2022 at the High Commission of India, Ottawa. Team High Commission welcomed him, and looks forward to his leadership and guidance towards further strengthening the bilateral relationship between India & Canada.
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High Commission's engagement with major stakeholders & other
meetings in the India-Canada commercial corridor
On November 1, 2022, Mission had a meeting with Mr. Sandeep Sharma, Director & GM - India Operations, Pratt & Whitney Canada regarding company's India operations. On November 7, 2022, High Commissioner (HC) Sanjay Kumar Verma had a meeting with Mr. Arvind Bhardwaj, President, Indo-Canada Chamber of Commerce in Toronto. On November 9, 2022, HC had a meeting with CEOs of Indian companies in Toronto. Discussed investment opportunities, policy innovation in India, asset monetisation and more. On November 9, 2022, HC met with representatives of Canada India Foundation in Toronto. On November 10, 2022, the Indo-Canada Ottawa Business Chamber(ICOBC) organised an event to welcome High Commissioner in Ottawa. On November 14, 2022, HC had a meeting with Mr. Tim S. Gitzel, President and CEO of Cameco Corporation at the High Commission. On November 15, 2022, HC had a virtual meeting with Ms. Nadira Hamid, CEO of Indo-Canada Business Chamber (ICBC), New Delhi to discuss ICBC's forthcoming events. On November 15, 2022, HC had a meeting with Mr. Victor Thomas, President and CEO of Canada India Business Council(C-IBC). On November 21, 2022, HC had a meeting with Mr. Eme Onuoha, Managing Director, International Public Affairs, Canada Pension Plan Investment Board (CPPIB). On November 24, 2022, HC met Mr. Barj Dhahan, Sandhurst Group of Companies, one of the biggest ESSO dealers and Tim Hortons franchises in British Columbia. On November 26, 2022, HC participated in Annual Gala event organised by Indo-Canada Ottawa Business Chamber (ICOBC). On November 28, 2022, HC had a meeting with Mr. Blake Hutcheson, CEO, Ontario Municipal Employees Retirement System(OMERS). On December 5, 2022, High Commissioner had a meeting with Mr. Pierre Sein Pyun, Vice President, Government Affairs, Bombardier. On December 6, 2022, High Commissioner had a meeting with Mr. Ranj Pillai, Hon'ble Minister of Economic Development, Tourism & Culture of Yukon Territory. On December 7, 2022, HC met Ms. Rajan Sawhney, Minister of Trade, Immigration and Multiculturalism of Alberta Province. On December 12, 2022, High Commissioner participated in the CEOs Roundtable with Government of Uttar Pradesh Delegation in Montreal. On December 14, 2022, High Commissioner had a meeting with team from the Institute of Company Secretaries of India in Toronto. On December 15, 2022, High Commissioner had a luncheon meeting with Mr. Victor Thomas, CEO, Canada-India Business Council in Toronto. On December 15, 2022, High Commissioner attended the Canada-India Business Council (CIBC) Board Meeting in Toronto. On December 21, 2022, High Commissioner had a meeting with Ms. Mohua Dutta, President, MDS IndoCan Inc.
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Visit of Government of Uttar Pradesh Delegation to Montreal, Canada to
promote UP Global Investor Summit 2023 (UPGIS-2023)
A high-level 14-member delegation from the Government of Uttar Pradesh led by Mr. Satish Mahana, Hon’ble Speaker, Legislative Assembly of Uttar Pradesh and Mr. Dharampal Singh, Hon'ble Minister of Animal Husbandry Department, Uttar Pradesh visited Montreal from 11-13 December, 2022 for participation in Roadshows and other meetings for promoting UP Global Investor Summit 2023 (UPGIS-2023) scheduled to be held in Lucknow from 10-12 February, 2023. The delegation included Mr. Durga Shanker Mishra, Chief Secretary, Mr. Mahesh Kumar Gupta, Additional Chief Secretary, Mr. Alok Kumar, Secretary(Planning); Shri Abhishek Prakash, CEO, Invest UP and representatives from Ernst & Young, Knowledge Partner and Confederation of Indian Industry and Deloitte. The main purpose of the visit was to attract potential investors in Canada to the State of Uttar Pradesh and invite them to participate in the forthcoming summit.
The delegation participated in a business roundtable with selected Canadian investors/companies including representatives from Caisse de dépôt et placement du Québec (CDPQ), Bombardier, ZIM Canada, Fancamp Exploration, QSTC, Fermos and ZMQ Global. High Commissioner informed the Canadian entities about the India-Canada negotiations on Early Progress Trade Agreement (EPTA) and the conducive investment policies in India and Uttar Pradesh, and urged them to connect with the Invest UP team to take their business collaborations forward.
The delegation also interacted with business chambers including representatives from Export Development Canada (EDC), Investment Quebec, Canada India Global Forum (CIGF) and Indo-Canada Ottawa Business Chamber. In conclusion, the delegation conducted an 'Interactive Session on Investment Opportunities in Uttar Pradesh,' followed by networking dinner. The event was attended by over 50 Canadian representatives from various companies.
3 Investment Intents worth over USD 102 million were signed between Government of Uttar Pradesh and Canadian companies namely QSTC, ZMQ Global and Groupe Gautam. 2 MoUs were signed between Government of Uttar Pradesh and Canadian business chambers in the Ottawa-Montreal region namely Canada India Global Forum (CIGF) and Indo Canada Ottawa Business Chamber (ICOBC),to explore investment opportunities in Uttar Pradesh for Canadian investors.
During its visit to Canada, the delegation participated in events at Toronto (December 8-9, 2022) and Vancouver (December 13-14, 2022), in addition to Montreal.
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We are looking at ways to collaborate with Uttar Pradesh:
Mr. Pierre Sein Pyun - VP, Government Affairs, Bombardier
For more information :
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We are looking forward to explore specific opportunities in Uttar Pradesh to continue to invest in India:
Mr. Erich Cripton - Director, Business Relations, CDPQ Global
For more information :
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APEDA in association with HCI, Ottawa flags-off Marayoor jaggery shipment to Canada
On 28 December 2022, the Agricultural and Processed Food Products Export Development Authority (APEDA) in association with HCI,Ottawa organised a virtual flag-off of marine shipment of the GI-tagged ‘Marayoor Jaggery’, sourced from Anchunadu Karimbu Ulpadhana Vipanana Sangam based at Marayoor in Idukki, to Toronto in Canada.
High Commissioner flagged off the consignment and said there existed a large market in Canada for Indian products with around 2.3 million Indian diaspora in the country. He added that cane jaggery exports from India to Canada had gone up significantly over the past few years, but comparing the global import of cane jaggery to Canada, there is a huge opportunity for the Indian exports to grow steadily in the future . The consignment was shipped by Nilamel Exports.
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PM Modi inaugurates Kempegowda International Airport’s Terminal 2 in Bengaluru,
backed by Canada's Fairfax Financial Holdings Limited
The Kempegowda International Airport Bengaluru’s (BLR Airport) Terminal 2 (T2) was inaugurated by Prime Minister Modi. The event was also attended by the Chief Minister of Karnataka Basavaraj Bommai and other members of Karnataka State Cabinet.
"While we were on this journey to build something that would be truly outstanding, we were supported constantly by the Government, particularly a Government that welcomes business. And whenever business is welcomed, more business makes its way, and we are optimistic that with the opening of T2, we are collaborating with more enterprises and partners, and we are grateful to the Government that has believed in our vision and supported us constantly," said Mr. Prem Watsa, Chairman and CEO, Fairfax Financial Holdings Limited.
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Presentation on 'Ayurveda Aahar and Benefits of Ayurveda
for Holistic Health and Mental Wellbeing' - 27 October 2022
High Commission of India in Ottawa in association with Indo-Canada Ottawa Business Chamber (ICOBC) organised a presentation on Ayurveda Aahar and benefits of Ayurveda for Holistic Health and mental wellbeing on 27 October 2022 to celebrate 'Ayurveda Day in Canada' at Host India restaurant, Ottawa, Canada.
The event was attended by Canadian Government officials, foreign diplomats, business community leaders, chambers of commerce, etc. Acting High Commissioner Manish made opening remarks and informed the participants on ancient Ayurvedic practices in India and the benefits that could be drawn from them in today's time.
Dr. Kumar Bharti delivered a speech on "Healthy and Disease-free life with Simple & Satvik (Healthy) Food." Dr. Hemant Gupta made a presentation on "Diet, Digestion & Nutrition foundation to total health."
As India is celebrating the International Year of Millets 2023, the Mission also promoted Indian Millets by displaying several varieties of Millets during the event.
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Canada's CPP Investments commits
USD 228 million to Kotak Infra Fund
Canada Pension Plan Investment Board (CPP Investments), Canada’s largest pension fund manager, has committed USD 228 million to the first close of Kotak Infrastructure Investment Fund (KIIF), CPP Investments revealed in its second quarter financial results. Part of Indian billionaire Uday Kotak-led Kotak Investment Advisors Ltd (KIAL), KIIF will provide senior and secured financing to operating infrastructure projects in India.
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Canada's CDPQ looks to expand beyond roads and energy in the Indian infrastructure space
Caisse de dépôt et placement du Québec (CDPQ), Canada’s second-largest pension fund manager, is exploring investments in sustainable mobility and the telecom industry as it looks to expand beyond roads and energy in the Indian infrastructure space. The pension fund may set up platforms to tap opportunities in these sectors if it finds the right investments. CDPQ operates three platforms in India—Azure and Aprava on the energy side and Maple Highways on the roads.
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Canada's CPP Investments makes USD 43 million follow-on investment in NHAI InvIT
Canada Pension Plan Investment Board (CPP Investments) announced an equity investment of USD 43 million in National Highways Infra Trust, an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI). Following the current transaction, CPP Investments will continue to hold 25% of the units in NHAI InvIT, said a statement by CPP Investments, among the most active alternative investors in India’s real estate sector.
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Canada based Brookfield's India REIT
Q2 net operating income jumps 48%
Brookfield India Real Estate Trust reported a 48 per cent rise in its net operating income to USD 29 million for the quarter ended 30 September 2022 and announced a distribution of USD 20.6 million to unitholders. Its net operating income (NOI) stood at USD 19.6 million in the year-ago period. Brookfield India Real Estate Trust is India’s only institutionally managed REIT, comprising five large campus format office parks located in Mumbai, Gurgaon, Noida, and Kolkata.
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Canada's Ivanhoé Cambridge continues
Asia-Pacific expansion with focus on India
For more information :
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Ontario Government concludes a successful trade mission to India
The Ontario government has concluded a successful trade mission to India, from 25 November- 2 December 2022, to strengthen relationships with economic partners and forge new partnerships in key sectors, including manufacturing, technology and life sciences. The mission, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, resulted in renewed commitments to collaborate with the states of Maharashtra and Telangana, and in an announcement by 88 Pictures, an animation and media entertainment company based in Mumbai, to expand to Ontario.
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Canada’s Kinaxis expands operations in India
Canada's Kinaxis opens new office in World Trade Centre in Chennai, India to support local expansion and global business momentum. The inauguration of the new office is a part of an expansion plan for its India operations. In addition to serving the Indian market, this office will also be one of the company’s strategic global hubs supporting multiple aspects of Kinaxis growth, including engineering, customer support, professional services, and other business operations.
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"India has a large, growing, and dynamic economy with openness to foreign capital which makes it a strategically important market for us"
Mr. Jo Taylor, President & CEO, OTPP
For more information :
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Canada-India Business Council hosts it’s
12th Annual business forum in Mumbai,India
The 12th Annual Canada-India Mumbai Business Forum hosted by the Canada-India Business Council (C-IBC) took place on 30 November 2022 at the Taj Mahal Palace Hotel. The forum drew over 100 leading business executives and government representatives from both Canada and India and provided an opportunity to discuss the issues and priorities for the year ahead by bringing together speakers, panelists and guests who are at the forefront of key sectors in bi-lateral relations.
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Tata Communications’ subsidiary to acquire Switch Enterprises for USD 58 million
Tata Communications (Netherlands) B.V, a wholly-owned indirect subsidiary of Tata Communications Limited (TCL), has entered into a membership investment purchase agreement to acquire a 100 per cent equity stake in New York-headquartered, The Switch Enterprises LLC, for USD 58.8 million. As part of the transaction, Tata will acquire assets of the subsidiaries of Switch Enterprises based out of Canada, the US and the UK, TCL said in a regulatory filing.
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India signs Open Skies Agreement with Canada
Airlines will now be able to operate unlimited flights between key cities such as Delhi, Mumbai, Bangalore and Toronto, Montreal, and Vancouver, ending the cap of 35 weekly flights
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India set to surpass Germany as 4th largest economy by FY 2026
According to RBI (Reserve Bank of India) Deputy Governor Mr. Michael Patra, India will match Germany's GDP (just over USD 4 trillion as of 2021) and become the fourth-largest economy by 2025-26, and by 2027, India would surpass Japan (almost USD 5 trillion GDP) and become the third-largest economy. According to him, India already the world's fifth-largest economy, ahead of the United Kingdom (approximately USD 3. 2 trillion GDP) and is a global growth engine, contributing the second most to the global growth in 2022. The German economy is predicted to contract by 0.3% in 2023, according to the IMF World Economic Outlook. The global agency expects India's GDP to increase at 6.9% in FY24, with tight monetary conditions limiting growth to 6.1%.
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Upcoming Business/Trade Events in India
For all the relevant updates and information regarding International Trade Events/Business Seminars in India
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Connect here to Invest in India
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For information regarding
commercial queries
Please Contact:
Prashanth Devakumar
Marketing Executive
com.ottawa@mea.gov.in
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