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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
May 2023
Issue 146
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Global CEOs bullish on India, helping boost jobs in private sector - Prime Minister Modi
On 16 May 2023, Prime Minister Narendra Modi said global giants - from Walmart, to Apple, Cisco, NXP and Foxconn - are looking to step up investment in India, creating more job opportunities in the private sector. The move, he said, ties in with Government of India's focus on increasing employment. At the fifth "Rozgar Mela" (Employment Fair) , where 71,000 appointment letters were handed over to newly inducted recruits in various Government departments and organizations, PM Modi said there is unprecedented positivity for India's industry and investment at the global level.
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Six Months of India’s G20 Presidency
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G20 India Chief Coordinator, Harsh V Shringla sheds light on the remarkable 6-month journey of India’s Presidency. Highlighting the various milestones achieved so far, he also emphasises how India's rich diversity has been showcased to the world!
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Joint Statement of the 6th India-Canada Ministerial Dialogue on Trade & Investment
India and Canada held the sixth Ministerial Dialogue on Trade & Investment (MDTI) in Ottawa on May 8, 2023, co-chaired by Hon'ble Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, Government of India and the Hon'ble Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada. The Ministers emphasised the solid foundation of the trade and economic relationship between India and Canada and recognized the significant opportunity to deepen bilateral ties and economic partnership.
The Ministers touched on the important discussions taking place at the various meetings of the G-20 being held in India this year under the Indian Presidency. In this context, Minister Ng noted India’s role as a global economy of the future and congratulated the Government of India and the Indian business organizations on the successes enjoyed so far at the G-20 events in India. She expressed her support for India as G20 Chair, and the priorities pursued by India in the G20 Trade and Investment Working Group. Minister Ng indicated that she is looking forward to participating in the upcoming G-20 Trade and Investment Ministerial meeting in India scheduled to take place in August 2023.
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India is a preferred destination for foreign investments owing to favourable demographics as well as noticeable and consistent growth trajectory
For more information :
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High Commission's engagement with major stakeholders & other
meetings in the India-Canada commercial corridor
On May 2, 2023, Deputy High Commissioner (DHC) Chinmoy Naik attended a virtual meeting with Canadian Chamber of Commerce (CCCA). On May 4, 2023, High Commissioner (HC) Sanjay Kumar Verma had a meeting with Michael Coe, Director, Ontario Teachers' Pension Plan (OTTP). On May 4, 2023, HC had a meeting with Dr. Dipak Roy, D-TA and Mr. Angsuman Rudra, D-TA. On May 8, 2023, interactions on deepening trade ties between India and Canada took place in a networking dinner hosted by Hon’ble Minister of Small Business, Export Promotion and International Trade of Canada Mary Ng in the honor of the visit of Hon’ble Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles of India Piyush Goyal. On May 12, 2023, HC gave an interview with Mr. Neil Moss of Hill Times on India-Canada EPTA (Early Progress Trade Agreement) related issues. On May 16, 2023, HC interacted with Mr. Malcolm Bruce, CEO, Edmonton Global and delegation. Discussions focused on scope and potential for collaborations in health & life sciences, clean technology, emerging tech, global logistics and food & agriculture. On May 17, 2023, DHC had a meeting with Mr. Marvin Hough, President, MIRA Services. On May 18, 2023 HC met with Dr. Harinder Singh Oberoi, Advisor, FSSAI (Food Safety and Standards Authority of India). Others present in the meeting included- Dr. Heena Yadav, Technical Officer, FSSAI, Mr. Ajith Kumar, Assistant Commissioner, Department of Dairy and Animal Husbandry, and Mr. Aditya Jain, Senior Manager, National Dairy Development Board. On May 19, 2023, HC had a meeting with Dr. Harpreet Kochhar, President, Canadian Food Inspection Agency (CFIA). Focus areas in bilateral agri cooperation were discussed. On May 23, 2023, HC met Mr. Nicolas Giguere, Managing Director, 8th Sense Inc. to discuss investment in Indian pharmaceutical industry. On May 24, 2023, HC met Mr. Eme Onuoha, Managing Director, The Canada Pension Plan Investment Board (CPPIB). On May 26, 2023, DHC had a meeting with Mr. Sameer Vig, NSDC International – Canada and Mr. Vipen Vig, representative of SPEFL-SC for NSDC International, Canada.
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Minister Piyush Goyal inaugurates India Pavilion at SIAL Canada
Hon’ble Minister for Commerce & Industry, Government of India inaugurated the India Pavilion at SIAL Canada 2023 in Toronto on 09 May 2023. Over 100 Indian Food & Beverages Exporters participated in the India Pavilion organized by Trade Promotion Council of India, Indian Trade Promotion Organization (ITPO), Agricultural and Processed Food Products Export Development Authority (APEDA) and Associated Chambers of Commerce and Industry of India (ASSOCHAM) with support of Ministry of Commerce and Industry, Government of India.
Sampling sessions were organized at the Indian Pavilion to commemorate the International Year of Millets. The event was attended by HE Sanjay Kumar Verma, High Commissioner of India to Canada; Consul General (Vancouver) Manish; Consul General (Toronto) Apoorva Srivastava; Dr Krishan Kumar, Joint Secretary, Department of Commerce; Rajat Agarwal, ED, Indian Trade Promotion Organization as well as prominent business leaders from the Indian and Canadian fraternity.
Minister Goyal later delivered a keynote address at the “Trade & Investment Promotion Event with Indian and Canadian companies on the side-lines of SIAL Canada 2023” organised by Trade Promotion Council of India and ASSOCHAM on May 10, 2023.
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Indian and Canadian business leaders establish a new partnership
On 09 May 2023, the Business Council of Canada (BCC) and the Federation of Indian Chambers of Commerce & Industry (FICCI) announced a new partnership to connect business leaders from both countries, promote bilateral economic ties, and enhance co-operation as partners in the Indo-Pacific region. The announcement was made at the conclusion of an India-Canada business leaders’ dialogue that was held with Canadian Trade Minister Mary Ng and Indian Commerce Minister Piyush Goyal.
“India’s bilateral relationship with Canada holds great potential especially in areas like energy, science, biotechnology, pharmaceuticals, and infrastructure development,” said FICCI President Mr. Subhrakant Panda. “I am confident that our partnership will not only bolster business-to-business ties between the two countries but also lift the trajectory of bilateral trade.”
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Launch of report - 'From India to Canada: Economic Impact and Engagement'
As India and Canada work towards deepening economic ties, a new report has underscored the value Indian businesses bring to Canada, with C$ 6.6 billion (USD 4.92 billion) in investments and the creation of 17,000 jobs in the North American nation. The report, From India to Canada: Economic Impact and Engagement, was prepared by the Confederation of Indian Industry or CII, in partnership with the Canada – India Business Council (C-IBC) and High Commission of India, Ottawa.
It was released by India's Commerce and Industry Minister Piyush Goyal and his counterpart, Canada’s International Trade Minister Mary Ng, at a reception organised by C-IBC on 10 May 2023. A CII release noted that this was “the first known attempt to capture Indian industry’s growing Canadian presence in order to highlight the contributions of Indian companies to the competitiveness of 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.”
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Canada's CPPIB's India investments
cross USD 16 billion in FY 2023
CPP Investments, the company that invests the assets of the Canada Pension Plan, ended fiscal 2023 with net assets worth USD 16.44 billion (CAD 22 billion) in India. It is a 11% increase in its net India assets over fiscal 2022, according to its statements. CPP Investments entered India in 2009 and has been investing across multiple asset classes, such as real estate, infrastructure, public and private equities, funds, co-investments, and credit. It also invests in funds that put money into several Indian startups, such as those run by Sequoia Capital, Kedaara Capital, Accel, Advent International and many others.
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Canada's CDPQ sharpens focus on
Indian renewables, infrastructure
The Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) believes that India’s long-term growth potential will continue to provide attractive investment opportunities for foreign investors.
CDPQ has been making a deliberate push to grow its USD 300 billion in key sectors such as digital and sustainable infrastructure, mobility, and energy transition across Asia Pacific - and India is large part of that strategy.
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India, a key part of strategy to hit USD 300 billion in assets by 2030: Canada's Ontario Teachers
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Canada's Xypex announces the launch of
its first production plant in India
Vancouver-based Xypex Chemical Corporation which specializes in crystalline concrete waterproofing announces that it has strengthened its presence in the Asian market with the opening of a new production plant in Greater Noida, Uttar Pradesh, India. The 40,000 sq-ft facility will house chemical manufacturing, and distribution capabilities to serve upstream, midstream, downstream, and adjacent industries in the region. The production facility has 30,000 sq-ft additional space for storage.
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Canada’s University of Guelph launches
new visiting chair in Indian studies
Strengthening research and teaching ties between India and Canada is the goal of a new visiting chair in Indian studies at the University of Guelph (U of G) announced during a campus visit on 25 May 2023 by H.E Sanjay Kumar Verma, High Commissioner of India to Canada, and Ms. Apoorva Srivastava, Consul General of India (Toronto). The new chair is intended to deepen U of G’s existing connections with India and the Indian diaspora in Canada as well as underline the University’s commitment to internationalization. Under the agreement, U of G will host a visiting professor from India for one semester each year; the visitor will teach, conduct research and hold a public lecture.
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Indian economy continues to show resilience amid global uncertainties: World Bank
India’s growth continues to be resilient despite some signs of moderation in growth, says the World Bank in its latest India Development Update, the World Bank India’s biannual flagship publication. The update notes that although significant challenges remain in the global environment, India was one of the fastest growing economies in the world. The overall growth remains robust and is estimated to be 6.9 percent for the full year with real GDP growing 7.7 percent year-on-year during the first three quarters of fiscal year 2022/23. There were some signs of moderation in the second half of FY 22/23. Growth was underpinned by strong investment activity bolstered by the government’s capex push and buoyant private consumption, particularly among higher income earners.
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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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