Following a business roundtable with Union Finance Minister Nirmala Sitharaman in Toronto, leaders have highlighted opportunities for deeper investment and job creation between India and Canada. A cleantech startup announced plans to expand into the Indian market.
Business and institutional leaders have highlighted opportunities for deeper investment, commercial engagement and job creation between India and Canada following a high-level Business Roundtable with Union Finance Minister Nirmala Sitharaman in Toronto. The views were shared by the Union Finance Ministry through a series of video statements from participants at the roundtable.
Voices from the Roundtable
Diana Virgovicova, CEO and Founder of Xatoms, a Toronto-based cleantech startup, said the company was looking to expand into the Indian market and was positive about building its technology in India. “We’ve also learned about how India can support us, support our expansion, the steps necessary in order to set up our businesses in India,” Virgovicova said. “We are super positive about building our technology in India,” she added, saying she was looking forward to coming to India in the fall and expanding there.
Pranav Kapuria, Managing Director of The Hi-Tech Gears, said the interaction brought together Canadian industry houses and institutional leaders and highlighted opportunities arising from the complementary nature of the two economies. “India and Canada are extremely complementary economies and countries and I think I look forward to just a deeper relationship,” Kapuria said. He added that his company has manufacturing facilities in both Canada and India and already sees the value of operating across the two markets. Kapuria also pointed to ongoing engagement between the two governments, saying “a lot of opportunities will emerge” as the relationship deepens.
Gabriel Miller, President and CEO of Universities Canada, described the interaction with Sitharaman as encouraging and said the two countries could work together to create economic opportunities. He said Sitharaman was “eager to be working with Canada to create jobs and opportunity for both of our countries.”
Deepening Economic Ties
The roundtable was held as part of Sitharaman’s official visit to Canada and the United States from August 25 to September 2. Her engagements in Toronto include the inaugural India-Canada Economic and Financial Dialogue with Canadian Finance and National Revenue Minister Francois-Philippe Champagne, along with meetings with investors and business leaders.
The visit comes amid renewed momentum in India-Canada relations following Prime Minister Narendra Modi’s meeting with Canadian Prime Minister Mark Carney on the sidelines of the G7 Summit in June. India and Canada have also stepped up economic engagement, with bilateral trade currently at around USD 8.5 billion and the two sides targeting USD 50 billion by 2030. The two countries are also negotiating a Comprehensive Economic Partnership Agreement, while sectors including energy, critical minerals, technology, innovation and resilient supply chains have been identified as areas for greater cooperation. (ANI)
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