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PM Trudeau Announces Two-Way Investment deal with India worth $1 billion

February 2018, 21
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Major Indian companies agreed to invest $250 million in Canada, for sectors like IT, pulp mills and pharmaceuticals. On the other hand, Canadian companies had planned for investing $750 million in Indian sectors.

This information was revealed after PM Trudeau met powerful business magnates of India, and signed deals, which will create 5,800 new jobs back home. The occasion was a win-win and exciting day as it offered a variety of opportunities in mutual friendship, he added. Trudeau met Chanda Kochhar, CEO of ICICI, and extended his thanks to the business leaders who had gathered in large numbers. He met the leaders to seek their commitment to Canadian talent.

The $1 billion was a two-way trade figure and one-quarter of it was contributed by India towards Canadian ventures, and the remaining was from Canada to India.

A substantial part of the $750 million investment by Canada in India was done by Brookfield Asset Management of Toronto which plans to spend $480 million for buying a 1.25 million-sq. foot office complex.

$200 million will be invested by Fairfax India Holdings Corporation of Canada, which had got hold of a 51 percent share in the Catholic Syrian Bank headquartered in Kerala state.

The Indian government has undertaken economic reforms, which have helped the Indian economy, and opened it for seeking international investments. The structural reforms have made a huge impact on easing the transaction of business within the country.

The Indian investments were in the form of new activities in Canada, done by Valiant Communications, a manufacturer of telecom equipment, a manufacturing facility in Canada by Clarion Pharmaceutical, for producing Natural Health Products, and an Ontario activity for Vision Controls, in the field of automation. Jubilant Life Sciences, plan to invest $100 million for expansion of its active facility in Quebec, to manufacture medical devices.

Tech Mahindra is having major plans for Canada and is expected to make an announcement, regarding a fresh partnership for working in the Super Clusters Initiative of Canada.

Kumar Birla, chairman of Aditya Birla Group, expressed that he found the Canadian provincial and federal governments to be friendly for undertaking business ventures. He said that doing business in Canada was easy, and it was business friendly, which is a matter of pleasure for all investors. The Birla Group manages pulp mills in Ontario as well as in New Brunswick plans to go for expansion in carbon black, fiber, and aluminum products.

These deals were the fruits of PM Trudeau’s trip and have happened despite Canada and India trade, not growing at a fast pace. In 2012, the former PM and India had set a target to cross the $15 billion, in the mutual trade by the year 2015. In 2016, the trade was $8.4 billion.

Chairman of the Canada-India Business Council, stated that the sluggish growth, between the two nations, was the result of lethargy from Canada, and less knowledge about Canada in India. Canadians are aware of the growth of Asia and have realized the importance of India. The Canada brand in India had started to grow. It was evident with the fact that more than 550 people attended the PM’s discussion.

Trudeau has taken up to playing a major role in the sphere of human rights and women’s empowerment. He listened to the women business leaders and wanted to know the tales of their challenges and experiences.

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