Trudeau's India trip: Canadian, Indian firms ink 66 new contracts worth $1 billion

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2 (4)Corporate India has committed $1 billion worth of investments in Canada, announced Canadian Prime Minister Justin Trudeau on February 21.

Trudeau made this announcement in front of an audience at the Canada-India Business Forum in Mumbai.

Canadian and Indian companies have signed 66 new contracts worth $1 billion in total in a deal expected to create 5,800 jobs in Canada.

The Canadian PM met industry leaders including Tata group chairman N.Chandrasekaran; Birla Group chairman Kumar Mangalam Birla; Mahindra group chief Anand Mahindra; Salil Parikh of Infosys, among others.

Prospects of Canadian investments in India were also discussed, he said while briefing about his interactions with the Indian business leaders.

“We also spoke about Canadian companies investing in India, whether it is pension funds or others,” he said. “It has really been a win-win morning,” Trudeau remarked without mentioning the prospective Indian investors.

“There are tremendous connections between Canada and India, whether it is natural resources or tech sector like IT, creativity, pharmaceutical…there are huge compatibilities and complementarities between our nations.

2 (3) (1)“So much so that coming out of meetings this morning and a few other meetings we have had, we are able to announce today over 5,000 new jobs in Canada and over $1 billion of (Indian) investment in Canada,” Trudeau said at the Canada-India Business Forum in Mumbai.

While having an armchair conversation with Chanda Kochhar, CEO of the Industrial Credit and Investment Corp. of India, Trudeau said, “This was really a win-win morning, a win-win day for all of us and I’m excited for the opportunities in the Canada-India friendship,”

The Canadian prime minister who is on a week-long India visit with family also spoke about the “extraordinary diversity” of India.

“There is extraordinary diversity and pluralism in India which is not without its challenges but we have to understand that diversity of views and background gives an incredible amount of strength, a source of resilience in any organisation, community or a country,” he added.