India has become very important not only for Sri Lanka, Bangladesh, Nepal, Afghanistan or Gulf countries but also for countries like Canada. Where Indian companies have staked more than 40 thousand crore rupees and thousands of people have been given jobs. The report, titled ‘From India to Canada: Economic Impact and Engagement’ by CII, highlights the growing presence of Indian industry in Canada and the contribution made by Indian companies to the Canadian economy in terms of foreign direct investment, job creation, etc. . The report was launched by Union Minister of Commerce and Industry Piyush Goyal during his visit to Toronto.
Speaking at the report launch event organized by CII and the Canada-India Business Council, Goyal said that Canada has a huge investable investment surplus and is looking for good investment opportunities in India. Now that we have started high-level exchanges on both sides, India-Canada economic relations can make a very significant improvement. He said that we see Indian talent contributing to the Canadian economy, and even investment coming from India to Canada. I am sure it will be a two way traffic and both the countries will be benefitted.
17000 people have been given jobs
- According to the report, there is a presence of 30 Indian companies in Canada, which have invested Rs 40,446 crore in Indian Rupees. These companies provide employment to more than 17 thousand people in Kadana.
- R&D spending by these companies in Canada is 700 million Canadian dollars. 85 percent of the companies surveyed expect an increase in funding for future innovations.
- The report also said that participating companies plan to invest more in Canada over the next five years, and plan to hire 96 per cent more employees.
profitable for business
Canadian International Trade Minister Mary Ng welcomed the report and said that strengthening the economic partnership between Canada and India is beneficial for businesses on both sides of the Pacific Ocean. CII Director General Chandrajit Banerjee said that while the trade and investment partnership between India and Canada continues to grow, the story of Indian companies in Canada and their economic impact is yet to be told. Banerjee said that as India’s business in Canada is growing, our economic cooperation will lead to a stronger, more integrated strategic and comprehensive partnership.
Source: www.tv9hindi.com
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