Indian companies account for CAD 6.6 billion in investments in Canada: Report
May 11, 2023
New Delhi [India], May 11 : India-based companies are responsible for creating tens of thousands of jobs and Canadian dollars worth USD 6.6 billion in investments across Canada, according to a new report released on Thursday by the industry body Confederation of Indian Industry (CII) in partnership with the Canada - India Business Council (CIBC) and the High Commission of India in Canada.
The report was launched during the latest Canada visit of Piyush Goyal, Minister of Commerce and Industry.
The launch of "From India to Canada: Economic Impact and Engagement" is the first known attempt to capture Indian Industry's growing Canadian presence.
The surveyor captured data after sampling as many as 30 companies doing business in Canada. All responding companies said they plan to increase their Canadian investments in the next five years.
While Ontario and Quebec had the highest concentration of responding companies, the survey found Indian companies operating in 8 out of Canada's ten provinces in a diversity of industry sectors.
Ontario was cited in the survey responses as the most favourable business environment, evidenced also by it hosting the largest concentration of Indian companies. British Columbia and Quebec tied as the second most favourable.
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. 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," said minister Piyush Goyal.
According to Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada: "Strengthening the Canada-India economic partnership is good for businesses on both sides of the Pacific. The CII and C-IBC 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."
