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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
September 2023
Issue 148
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India scripts success at the G20 Summit 2023 - Here's the highlights of the summit held in New Delhi !
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Prime Minister (PM) Narendra Modi led the G20 Summit in the most dynamic way from 09-10 September 2023 in New Delhi. He shares great camaraderie with all the world leaders that translated in the G20 declaration to be adopted unanimously, hall marking a successful G20 Presidency under India. The G20 leaders adopted the New Delhi Leaders’ Declaration through consensus, PM Modi announced. In a landmark breakthrough, PM Modi said, “Due to the hard work of our teams and due to your cooperation, there is consensus on the G20 Leaders summit declaration."
India’s message of ‘one earth, one family, one future’, drawn on an age-old belief of ‘Vasudhaiva Kutumbakam’, was delivered strongly during the three sessions of the Summit devoted to each aspect of the theme. Not just the 20 member states, nine invitee nations, and 14 international organisations but the entire world was hooked on the massive event held at Bharat Mandapam. The Indian G20 presidency has also been hailed as “exceptional” because India has ensured that people of Global South are no longer excluded from the fruits of development.
Marking a new era in global cooperation, the G20 Summit concluded in New Delhi on 10 September 2023 as PM Modi handed over the gavel to the President of Brazil Luiz Inacio Lula da Silva as the next holder of the G20 Presidency.
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Prime Minister Modi meets with Prime Minister of Canada Justin Trudeau - 10 September 2023
On 10 September 2023, Prime Minister Modi met Prime Minister of Canada Justin Trudeau on the sidelines of the G20 Summit in New Delhi. The Prime Minister of Canada Justin Trudeau congratulated Prime Minister Modi on the success of India’s G20 Presidency. Both the Prime Ministers discussed the full range of India-Canada ties across different sectors.
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India’s ‘massive expansion’ set to be a key driver
of global economic growth - S&P Global
For more information :
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High Commission's engagement with major stakeholders & other
meetings in the India-Canada commercial corridor
On September 12, 2023, Deputy High Commissioner (DHC) Chinmoy Naik had a meeting with Ms. Melanie Robert, Director General, International Relations, Intergovernmental Affairs and Trade Policy, Transport Canada to invite Canada to participate in the Global Maritime India Summit 2023 as a partner country and send its official delegation to India. On September 13, 2023, DHC attended a virtual India Canada Business Dialogue event organized by DPIIT and Invest India with major Canadian companies present in India . On September 21, 2023, High Commissioner (HC) Sanjay Kumar Verma had a meeting with Mr. Mukesh Ranjan, CEO and Mr. Sailesh Mani, CFO of Tata Steel Minerals Canada.
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Information Seminar on Business Opportunities in India – 14 September 2023
High Commission of India, Ottawa, in collaboration with Investissement Quebec (IQ) organized a business seminar with panel discussion and roundtable conversation called “Information Seminar on Business Opportunities in India” on 14 September 2023 in Hotel Intercontinental, Montreal.
The event featured:
- Key-note address by the High Commissioner (HC)
- Presentation on business opportunities in India by Mr. Arjun Shiv, Assistant Vice President, Invest India
- Presentation on India-Quebec ties by Mr. Francis Parabis, Quebec Government Office, Mumbai
- Company presentations by Quebec entities such as Epiq Machineries and Aero Montreal
- Panel discussion on finance trade and the Indian banking system by Mr. Lester Fernandes, Head -Corporate & Commercial Banking ICICI Bank Canada, Mr. Jean-François Normand, Director, International Services Development, Desjardins, Mr. Matthew Larivière CITP, Senior Export Advisor, Canadian Commercial Corporation and Mr. Sylvain St-Cyr, Senior Advisor, Exports, Energy and Environment, Investissement Québec
- Round-table conversation by Ms. Sophie Clavelier, Senior Director - Corporate Development, Premier Tech, Mr. Jay Sarin, Director, Business Development, CAE, Mr. Guillaume Gasparri, Executive VP, Business Development, DCM Group, Ms. Eloise Harvey, CEO Epiq Machineries and Mr. Marc Doucet, Expert Advisor, Exports, India and China Markets, Investment Quebec.
The event was moderated by Mr. Louis Bergeron, Investment Quebec.
The objective of the event was to enhance awareness of business and investment landscape in India for Quebec-based companies, build partnerships and inform the Quebec entities about the key sectorial opportunities available in the vibrant Indian market. Over 50 representatives from prominent Quebec companies and other local business stakeholders across key sectors such as Aerospace, Energy, Construction, Fintech, manufacturing and Foreign Investment, etc attended the event.
High Commissioner made a key-note address covering vast areas such as bilateral investment, Indian business environment, business-friendly policy reforms, massive infrastructure developments, digitization process and other key advances in the public-private partnerships in India. He outlined significant opportunities available in India across various focus sectors for interested stakeholders from Quebec, Canada.
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Canada has asked to 'take a pause' in trade talks - High Commissioner Sanjay Kumar Verma
(01 September 2023)
For more information :
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Canada's Brookfield to invest USD 845 million in its second joint venture with Axis Energy in India
On 28 September 2023, Canada's Brookfield Asset Management has entered its second joint venture (JV) with Axis Energy Ventures to establish a renewable energy development platform targeting growth in India, with up to USD 845 million investment from the Canadian investor. Axis Energy Ventures, a flagship of North Carolina-based Axis Energy, will contribute its existing development pipeline of wind and solar power projects to the JV.
In 2019, the two entities set up ABC Renewables, a similar renewable energy platform, which has developed over 1.8 gigawatts (GW) of solar and wind assets so far. Brookfield will invest from the Brookfield Global Transition Fund II for the power projects by Axis coming up in various parts of the country, a joint statement said.
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Beyond McCain and Tim Hortons, Canadian
investments in India span infra to fintech
While Tim Hortons and McCain Foods might have the biggest brand recall when it comes to Canadian businesses in India, Canadian investments in the country go far beyond coffee chains and frozen snacks. Canadian pension funds, asset management companies, and financial services and insurance players are invested in key sectors of India’s economy, including financial services, financial technology, infrastructure, real estate, information technology and energy, among others.
More than 600 Canadian companies have a presence in India and over 1,000 Canadian companies are actively pursuing business in the Indian market,” Invest India said. It added that between 2003 and 2019, Mumbai and Bengaluru were among the top 10 destination cities for Canadian outbound investment in Asia Pacific.
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Why India ?
Land of unlimited opportunities
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A Journey of India's G20 Presidency - Here's a look back !
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India's presidency of G20 has been inclusive, ambitious and people-centric. India’s Presidency had been instrumental in bringing the voice of the Global South into the heart of the G20 discourse. ‘Vasudhaiva Kutumbakam’ – these two words capture a deep philosophy. It means ‘the world is one family.' During India’s G20 Presidency, this has translated into a call for human-centric progress.
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Global Maritime India Summit 2023 (GMIS 2023) - 17 to 19 October 2023
The summit will focus on various aspects of the maritime sector, promoting best practices and facilitating interaction among global maritime industries, policy makers. investors, and other stakeholders.
For more information :
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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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Connect here for India's recent announcements in policy, foreign investment, business trends & more
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