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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
August 2023
Issue 147
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Prime Minister Narendra Modi addresses the Nation from the ramparts
of the Red Fort on India’s 77th Independence Day
Prime Minister (PM) Narendra Modi outlined a bold vision for India's economic growth and societal advancement while addressing the nation from Red Fort on the occasion of India's 77th Independence Day. PM Modi said India’s economy will be among the top three in the world within the next five years. His statement comes after reports last year from S&P Global and Morgan Stanley forecast that India’s economy would overtake Japan and Germany’s to become the world’s third largest by 2030. They said India’s economic boom will be driven by offshoring, investment in manufacturing, growing digital infrastructure and energy transition.
Acknowledging India's role as the host of the upcoming G20 Summit, PM Modi expressed pride in showcasing the nation's diverse talents and capabilities. He urged his fellow citizens not to let go of the opportunities that lie ahead, as India's potential is universally acknowledged by global experts and rating agencies. He also noted that India's technological prowess is propelling the nation into a new era of global influence. He lauded India's distinct capability and trust both in the Government's leadership and the nation's promising future.
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Glimpse of Bharat Mandapam at Delhi's Pragati Maidan
which will host the G20 Summit in September 2023
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The striking caramel coloured oval hovering over the landscape at Pragati Maidan, New Delhi is only the first indication of modernity at Bharat Mandapam, the newly inaugurated convention complex that will host the G20 Summit during 9-10 September 2023. Within are cutting-edge conference facilities, art items recalling India's antiquity and modernity, and enough space to accommodate over 7000 partcipants.
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Canada's Former International Development Minister meets External Affairs Minister at the G20 Development Ministers Meeting in Varanasi, India
External Affairs Minister of India S. Jaishankar, on 13 June 2023, welcomed the Canadian delegation to the city of Varanasi in Uttar Pradesh, India . The then Canada’s Minister of International Development responsible for the Pacific Economic Development Agency of Canada Harjit Sajjan participated in the three-day G20 Development Ministers meeting in Varanasi and also visited New Delhi. “Canada and India share a commitment to supporting the most vulnerable communities around the world,” Mr. Sajjan added. The Ministers focused their discussions on how the G20 can help accelerate progress in achieving the UN’s Sustainable Development Goals (SDGs) by 2030, including through efforts to improve access to financing.
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Canada's Former Agriculture Minister attends the G20 Agri Ministers Meet in India
and meets other key stakeholders to strengthen bilateral Agri-ties
The then Minister of Agriculture and Agri-Food of Canada Marie-Claude Bibeau, in June 2023, concluded a successful mission to India where she took part in the G20 Agriculture Ministers' Meeting and met with her international counterparts, senior officials, and Canadian and Indian agriculture stakeholders. At the G20, Minister Bibeau met bilaterally with Minister of Agriculture and Farmers' Welfare of India Narendra Singh Tomar. Both Ministers expressed their optimism in achieving a successful trade facilitation mechanism that will help both countries meet evolving market needs and grow and diversify their high-quality agricultural and food products. Minister Bibeau met with a range of agricultural stakeholders hosted by the Confederation of Indian Industry (CII) to discuss opportunities in the Agri bilateral corridor. She also met bilaterally with Minister of Animal Husbandry, and Dairying Parshottam Rupala, and Minister of Consumer Affairs and Commerce and Industry Piyush Goyal. The Ministers discuss the ways the two countries can cooperate on trade, research and advancing each other's market access priorities and ensuring market predictability.
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Finance Minister discusses trade negotiation progress with Canada's
Deputy Prime Minister Chrystia Freeland
Finance Minister Nirmala Sitharaman and Canadian Deputy Prime Minister Chrystia Freeland, on 16 July 2023, discussed the progress being made on ongoing bilateral trade negotiations. The two Ministers met on the sidelines of the third Finance Ministers and Central Bank Governors meeting in Gandhinagar, Gujarat, India. Ms. Freeland, who is also the Finance Minister of Canada, said Canadian pension funds would be keen to explore investing in Indian infrastructure funds as India offers a stable investment climate.
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Canada's Environment & Climate Change Minister attends the G20 Environment and Climate Sustainability Ministerial Meeting in India and meets other key stakeholders
The Minister of Environment and Climate Change of Canada Steven Guilbeault, on 28 July 2023, concluded a successful mission to India where he took part in the G20 Environment and Climate Sustainability Ministerial Meeting and met with his international counterparts, senior officials, and Canadian and Indian industry stakeholders. At the G20, Minister Guilbeault met with his counterpart, Minister of Environment, Forest and Climate Change, Bhupender Yadav, as well as with the Minister of Jal Shakti (Water), Gajendra Singh Shekhawat. The Ministers discussed the need to work together now and in the years ahead to tackle the issues of climate change, biodiversity loss, and pollution. During his visit, Minister Guilbeault also participated in round-table discussions with Indian business leaders and leading environmental non-governmental organizations, where key issues that could be advanced by the G20 were deliberated.
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Canada's International Trade Minister participates in the G20 Trade and Investment
Ministerial Meeting and Business 20 (B20) Event in India
On 24 August 2023, Canada's Minister of Export Promotion, International Trade and Economic Development Mary Ng participated in the G20 Trade and Investment Ministerial Meeting in Jaipur, India. Union Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles, Government of India, Piyush Goyal chaired the meeting and addressed the session on Inclusive & Resilient Trade. He highlighted the need to ensure equitable access and participation for MSMEs in global value chains to unlock new avenues for growth. During his address on Leveraging Technology for Paperless Trade at the G20 Trade and Investment Ministerial Meeting, Minister Goyal exchanged views on digitising trade processes to help reduce logistics cost & ensure seamless global trade. Following the G20 Trade and Investment Ministerial Meeting, Minister Ng travelled to New Delhi to interact with Canadian business leaders taking part in a Business 20 (B20) event. The B20 is the official G20 forum with the global business community, bringing together global business leaders to share views on issues of global economic and trade governance.
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India emerges as FDI powerhouse, secures third highest foreign investment in 2022
For more information :
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India's 77th Independence Day celebrations at HCI, Ottawa - 15 August 2023
On the occasion of India's 77th Independence Day on 15 August 2023, High Commissioner (HC) Sanjay Kumar Verma hoisted the national flag and read out excerpts from the address to the Nation by Hon’ble President Droupadi Murmu. Indian Diaspora and friends of India in Ottawa enthusiastically participated in the ceremony. The morning event was followed by an evening reception hosted by the High Commissioner at Infinity Convention Centre, Ottawa. Mr. David Morrison, Deputy Minister of Foreign Affairs, Government of Canada was the Guest of Honor at the reception. Around 400 friends of India from all walks of life attended the event.
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Statement by the Prime Minister of Canada,
Hon'ble Justin Trudeau on India’s Independence Day
For more information :
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High Commission's engagement with major stakeholders & other
meetings in the India-Canada commercial corridor
On July 2, 2023, High Commissioner (HC) had a meeting with Mr. Vikash Sharma, President & CEO ICICI bank, and Mr. J.P. Singh & Mr. Karrthik Kumhar from ICICI bank. On July 5, 2023, HC had a meeting with Hon. Francois-Philippe Champagne, Minister of Innovation, Science and Industry Canada. On July 10, 2023, HC and Counsellor (Com) had a productive virtual interaction with Mr. Greg Cherewyk, President, Pulse Canada and his team. Discussion focused on pulses exports to India from Canada; vast opportunities available in Agri sector for Canadian entities, especially in warehousing and processing of Canadian pulses for protein cluster and food fortification. On July 15, 2023, HC had a meeting with Deputy Minister Arun Thangaraj of Transport Canada. On July 19, 2023, HC attended a Roundtable with Pension Funds, organized by Michael Coe, Director, Government and Public Affairs, Ontario Teachers Pension Plan (OTPP) at Cadillac Fairview. On August 10, 2023, HC participated at Maha Bharatotsav organised by The Great India Festival Ottawa at Marion Dewar Plaza, Ottawa. On August 23, 2023, HC participated in the celebration of soft landing of Chandrayaan 3 at South Pole of Moon, organised by Kanata Carleton Indo-Canadians Association at Kanata Recreation Complex, Ottawa. On August 24, 2023, High Commissioner had a meeting with Mr. Michael Coe, Director, Government and Pubic Affairs, Ontario Teachers’ Pension Plan.
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India-Canada Conference on Tourism & Hospitality - 28 June 2023
High Commission of India, Ottawa, in collaboration with Indo-Canada Ottawa Business Chamber (ICOBC) organized a tourism promotion event called “India-Canada Conference on Tourism & Hospitality” on 28 June 2023 in Host India, Ottawa. The event featured a key-note address by the High Commissioner (HC) Sanjay Kumar Verma and presentations by Mr. Manas Prakash, Tourism Sector Lead, Invest India, Mr. Arun Deep Singh (Tourism Specialist Canada), CBO, Uniglobe and Mr. Naveen Sharma (Tourism Specialist Canada), Chairman, Athena Ventures.
The objective of the event was to inform the audience which included local network of travel agents and diaspora members about the various travel opportunities that exist in India including luxury and health tourism options that are attractive for Canadian travelers. With a focus to encourage tourism to India, the evening was planned to bring together like-minded guests from the travel and culture space, and generate conversation about travel to India. Nearly 100 participants attended the event.
High Commissioner, during his key-note address, covered vast areas such as luxury tourism, wellness tourism, medical tourism, cultural tourism, wildlife tourism, medical tourism, culinary tourism etc. He spoke about India’s commitment to digital innovation that has revolutionized both local and inbound tourism in terms of online booking platforms, travel apps, virtual reality experiences, etc., which have opened up new avenues to promote and showcase the beauty of India. High Commissioner also outlined several initiatives taken by the Ministry of Tourism, Government of India to boost the tourism sector in the country and to increase foreign tourist arrivals.
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Realizing India-Canada Commercial Opportunities - 29 June 2023
High Commission of India, Ottawa, in collaboration with Canadian International Council (CIC) and Marvin Hough International Research and Analysis (MIRA) organized a business seminar with panel discussion called “Realizing India-Canada Commercial Opportunities – A conservation with Indian High Commissioner” on 29 June 2023 in Desmarais Building, Telfer School of Management, Ottawa. The event featured a key-note address by the High Commissioner (HC) Sanjay Kumar Verma and panel commentary by the High Commissioner, Ms. Marie-Louise Hannan, Director General, South Asia, Global Affairs Canada and Mr. Trevor Kennedy, Vice-President, Trade & International Policy, Business Council of Canada (BCC), followed by Q&A session. The event was moderated by Mr. Marvin Hough, President, MIRA & Director, CIC.
The objective of the event was to enhance awareness of India-Canada commercial engagement among pertinent stakeholders in Canada, build partnerships and inform the Canadian entities about the business environment and key opportunities available in the vibrant Indian market. The event brought together Government and diplomatic officials, Canadian exporters & investors, business chamber representatives, trade facilitators, policy makers, academic researchers and students. Nearly 100 participants attended the event
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High Commission's meeting with the incoming Agri- delegation from Tamil Nadu, India - 31 July 2023
On 31 July 2023, a delegation from Tamil Nadu’s Department of Agriculture and Farmers Welfare (DoAFW) led by the Minister for Agriculture and Farmer's Welfare Department, Government of Tamil Nadu and Tamil Nadu Agricultural University (TNAU), facilitated by Shastri Indo-Canadian Institute (SICI) had a meeting with High Commissioner and other officials of HCI, Ottawa. The discussions focussed on prospects for India-Canada collaboration in agriculture sector, particularly in areas such as AI, blockchain, protein fortification etc. Discussions were also carried out on developments in academic and research collaboration between TNAU and Canadian universities in the field of agriculture. The prospects of an Agri-cluster comprising of various Indian and Canadian stakeholders were also discussed during the meeting.
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The India Story - India-Canada Business Reception - 28 August 2023
On 28 August 2023, the High Commission of India, Ottawa in association with Impact Media and Events Corporation (IMEC), supported by Invest India, organized an event titled "The India Story - India-Canada Business Reception" to promote Make in India campaign. The objective of the event was to disseminate knowledge for prospective investors and connect them with Make in India initiative boosting investment initiatives and visibility of opportunities in India in addition to fostering networks with local industry associations and trade chambers. High Commissioner Sanjay Kumar Verma made a key-note address and responded to queries from the audience while the India investment pitch was presented by Mr. Arjun Shiv, Assistant Vice-President, Invest India. Nearly 60 local business stakeholders attended the event.
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Canada's CPPIB sees India as
key market for APAC growth
CPP Investments, Canada’s largest pension fund is eyeing opportunities in India’s tech and renewable energy sectors for long-term prospects, having already grown its portfolio significantly across Asia in the last decade. "India, particularly India Tech, is a standout in terms of long-term opportunities. India has a young population, many of them growing into the middle class. Internet and mobile penetration have been growing significantly." said Mr.Agus Tandiono , Head of Asia Pacific & Active Equities Asia at CPP Investments.
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Reliance Industries to invest USD 122 million in Canada's Brookfield JV for Data Centre projects
India's Reliance Industries said it would invest up to USD 122.24 million in building data centres in India along with Canada-based Brookfield Infrastructure. The announcement comes at a time when data centre capacity in India is expected to rise exponentially as more people go online. Reliance will initially invest in units of Mercury Holdings SG Pte, which is a joint venture (JV) between Brookfield Infrastructure and U.S.-based real estate investment trust Digital Realty. The JV is currently building data centres in Chennai and Mumbai.
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Canada to launch new pilot program
for temporary foreign workers
For more information :
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Canada's Fairfax acquires additional 3% stake in Bangalore International Airport
Fairfax India Holdings Corporation announced that, through its wholly-owned subsidiary, it has completed the acquisition of an additional 3% equity interest in Bangalore International Airport Limited (BIAL) from Siemens Project Ventures, for consideration of USD 75 million. As a result of the closing of the first transaction, Fairfax India’s aggregate share ownership in BIAL has increased to 57% (13.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited).
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India's Infosys announces new arm in
Canada to serve public sector firms
Indian IT services firm Infosys, in July 2023, said that it has set up a new subsidiary in Canada under its US arm Infosys Public Services (IPS). Headquartered in Ottawa, IPS Canada will span over 10,000 square feet. IPS Canada will provide governments with local access to top tier talent and innovative solutions to modernise service delivery for citizens and businesses in the country, the company said in a statement. The latest development follows a series of investments made by the IT company in Canada.
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India's Department of Science & Technology (DST) and Department of Biotechnology (DBT) collaborates with Canada's IC-IMPACTS for 19 innovation projects
In June 2023, the Canada-India Research Centre of Excellence IC-IMPACTS along with India’s Department of Science and Technology (DST) and Department of Biotechnology (DBT) announced USD 8 million in funding for 19 innovation projects in Food Security, Infrastructure, Water, and Health under their “Building Resilient and Carbon-Neutral Communities Post COVID” initiative. This unique partnership between India and Canada enables cutting-edge research that addresses unique challenges faced by communities in both countries that will result in significant advances in agricultural technologies, food security, biotechnology, pharmaceuticals, water and wastewater management, renewable energy, artificial intelligence, and climate resilient infrastructure.
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Upcoming Business/Trade Events in India
For all the relevant updates and information regarding International Trade Events/Business Seminars in India
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Connect here to Invest in India
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For information regarding
commercial queries
Please Contact:
Prashanth Devakumar
Marketing Executive
com.ottawa@mea.gov.in
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