Indian companies invested $11 billion in Canada, more than 33,000 people got jobs

Indian Companies have invested approximately 11 billion Canadian dollars in Canada. This investment has been made in different sectors like IT, life science and manufacturing. This information has come to light in a report by the Confederation of Indian Industry (CII) and the Canada-India Business Council. This report, released during the visit of India’s Commerce Minister Piyush Goyal to Canada, states that 50 Indian companies have a presence in 8 out of 10 provinces of the North American country and have created more than 33,000 jobs.

Jobs created by Indian companies to double by 2023

Jobs created by Indian companies are set to almost double by 2023. At that time, for the first time, CII had published an analysis on Indian investment in Canada. Indian companies have invested 1.08 billion Canadian dollars in research and development and 24 million Canadian dollars in corporate social responsibility (CSR).

Plan to invest more in Canada in the next 5 years

“Each of the companies surveyed plan to invest more in Canada over the next five years,” the report titled ‘India to Canada: Economic Impact and Engagement’ said. Almost all companies are planning to recruit more employees. Most companies plan to expand their research and development (R&D) and CSR commitments.

Piyush Goyal visited Canada last month

Piyush Goyal had visited Canada last month leading a delegation of over 100 industry leaders to expand trade ties with Canada. He announced that India and Canada aim to complete negotiations on a Comprehensive Economic Partnership Agreement by the end of this year. The minister also announced that both the countries are aiming to increase bilateral trade from the current level to $50 billion by 2030.

There was a trade of 23 billion dollars between India and Canada in the year 2024.

Let us tell you that in the year 2024, the trade in goods and services between India and Canada would increase to about 23 billion US dollars. In this, services have emerged as one of the fastest growing sectors. India currently imports pulses, fertilizers, newsprint, wood pulp and industrial chemicals from Canada, while exporting pharmaceutical products, gems and jewellery, textiles and engineering goods.