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More than 600 Canadian companies and organizations have established a presence in India. Canadian portfolio investment in India is estimated to have grown more than 50 per cent over the past five years, reaching about USD 27 billion.
Canadian Trade Minister assures businesses to support commercial ties with India (Pic: Depositohotos)
Washington: Amidst an unprecedented diplomatic row between India and Canada, the Canadian Trade Minister has assured the country’s business community that they are committed to supporting the well-established commercial ties between the two countries.
Mary Ng, Minister of Export Promotion, International Trade and Economic Development, made these remarks on Tuesday as tensions between India and Canada escalated after Canadian Prime Minister Justin Trudeau on Monday accused the Indian government of supporting criminal activities targeting Canadian citizens. India on Monday expelled six Canadian diplomats and withdrew its High Commissioner and five other diplomats from Ottawa. Canada, however, said the Indian diplomats were expelled.
Ng also said that “the Government of Canada remains open to a dialogue with India and we look forward to continuing our valued relationship.” “I want to reassure our business community that our government remains fully committed to supporting the well-established commercial ties between Canada and India,” Mary Ng, the minister of export promotion, international trade and economic development, said in a statement.
“Our Trade Commissioner Service will continue to assist and provide resources to Canadian companies operating in India,” she said as India in an unprecedented step not only recalled its high commissioner from Ottawa but also expelled six of the Canadian diplomats from New Delhi.
“Let me be clear: Canada stands firmly by its businesses. We will work closely with all Canadian enterprises engaged with India to ensure these important economic connections remain strong,” she said.
“However, we must consider our economic interests with the need to protect Canadians and uphold the rule of law. We will not tolerate any foreign government threatening, extorting, or harming Canadian citizens on our soil. We urge the government of India to respect the same principles of law and justice that guide our actions,” Ng said.
“The Government of Canada remains open to a dialogue with India and we look forward to continuing our valued relationship,” said the minister.
According to the India Brand Equity Foundation, Canada and India achieved a bilateral trade relationship that reached USD 8.27 billion in fiscal year 20203 and USD 5.3 billion during April-November 2023.
In 2022, India was Canada’s ninth-largest merchandise trading partner in the Indo-Pacific region, the 13th-largest merchandise trading partner globally and the 14th-largest destination for merchandise exports.
Major exported items from India to Canada include pharmaceutical products (USD 274.05 million); followed by nuclear reactors, boilers, and parts (USD 195.46 million), electrical machinery (USD 160.68 million), and articles of iron and steel (USD 156.03 million), during April-November 2023.
Major imports from Canada during April-November 2023 include petroleum products (USD 608.17 million); followed by edible vegetables (USD 420.60 million) fertilizers (USD 337.63 million), pearls, precious metals, and stones (US$ 200.80 million), pulp and wastepaper (USD 192.79 million), and electrical machinery and equipment (USD 114.84 million).
As of September 2023, Canada was ranked as the 17th largest foreign investor in India, having made cumulative investments amounting to USD 3.6 billion since April 2000. Canadian investments constitute approximately 0.56% of the total foreign direct investment (FDI) inflow into India.
More than 600 Canadian companies and organizations have established a presence in India. The bilateral commercial relationships between the two countries stand at USD 100 billion, which includes USD 70 billion of Canadian portfolio investment into India.
In 2020, Canadian direct investment in India amounted to USD 2 billion. Canadian portfolio investment in India is estimated to have grown more than 50 per cent over the past five years, reaching about USD 27 billion.
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