India-Canada bilateral ties are underpinned by shared values of democracy, pluralism, expanding economic engagement, regular high-level interactions and long-standing people-to-people ties.
Prime Minister (PM) Modi’s visit to Canada in April 2015 elevated the bilateral relation to a strategic partnership. PM Justin Trudeau paid his first State Visit to India from 18 to 24 February 2018. The visit reaffirmed the breadth and scope of Canada-India relations, based on the fundamental principle of respect for sovereignty, unity, and territorial integrity of the two countries.
Both sides pursue bilateral relations through the dialogue mechanisms such as Ministerial level- Strategic, Trade and Energy dialogues; Foreign Office Consultations; and other sector specific joint working groups (JWG)
India and Canada are discussing a Comprehensive Economic Partnership Agreement (CEPA) and a Bilateral Investment Promotion and Partnership Agreement (BIPPA/FIPA).
Hon. Prime Minister of India’s visit to Canada in 2015 signified the start of a strategic chapter in our bilateral relations with the signing of 13 agreements including the pact on space cooperation and MoUs in railways, transportation, civil aviation, skill development, the historical deal on Uranium ore procurement and the renewed commitment to bilateral nuclear cooperation.
PM Justin Trudeau’s visit to India in Feb 2018 was marked by Signing of agreements and MOUs on cooperation across ICT, Energy, IPRs, Higher Education, Science & Technology. An MoU was also signed between Invest India and the Investment and Innovation Bureau, Global Affairs Canada on Investment Promotion & Facilitation.
India-Canada CEO Forum: Constituted to improve bilateral trade and investment flows. The Forum identified natural resources, infrastructure, education, information and communication technology and financial services as priority sectors.
Energy has been a prime area of focus in our bilateral ties. There have been three rounds of energy dialogues focusing on core pillars of Hydrocarbon, Coal, and Power. The scope of the dialogue was further expanded in 2018 during PM Trudeau’s visit to India, to include renewable energy, energy efficiency and electricity, reflecting the increasing mutual importance to sustainable development.
Canada is the 21st largest foreign investor in India with a cumulative investment of $2,367.50 bn from April 2000 to December 2021.
In the current financial year during April 2021-January 2022, Indian exports to Canada have increased to $3 bn, up almost 25% over the previous year. Bilateral goods trade in 2021 reached $ 6.29 bn, up 12% as compared to the previous year. Total bilateral trade including goods and services crossed $11 bn.
Services, Infrastructure and Energy together accounted for 53% of the total FDI investments from Canada to India.
In the 2003-2019 period, Mumbai and Bengaluru were among the top 10 destination cities for Canadian outbound investment in APAC.
More than 600 Canadian companies have a presence in India and over 1,000 Canadian companies are actively pursuing business in the Indian market.
In order to strengthen the start-up ecosystem in both India and Canada, Invest India has signed a MoU with the Toronto Business Development Centre (TBDC) to foster start-up collaboration.
Canada is India's 31st largest market, accounting for just $3 bn or 0.88% of India's total outbound shipments in April-January 2021-22.
Cultural Relations form the bed-rock of the India – Canada relationship. Canada hosts one of the largest Indian diasporas in the world, numbering 1.6 Mn (PIOs and NRIs) which account for more than 3% of its total population. A majority of PIOs live in Greater Toronto, Greater Vancouver, Montreal and Calgary.
Diwali has been celebrated on the Parliament Hill in Canada for the last 21 years. For the first time, Canada Post and India Post joined hands to issue a commemorative stamp to mark Diwali in 2017. More than 400 persons and 8 Members of Parliament of Canada attended the 19th ‘Diwali on Hill’ event in October 2019.
Canada was the Country of Focus at the 48th International Film Festival of India held in Goa in November 2017. India and Canada also signed an audio-visual co-production agreement in 2014 during the visit of Canadian Governor General David Johnston to bring cultural and economic benefits to Canadians and Indians while inspiring audiences worldwide.
Canada Pension Plan Investment Board (CPPIB), along with Phoenix Mills, agreed to infuse up to INR 700 cr into Island Star Mall Developers, their joint subsidiary in December 2021.Source
Brookfield buys 12.8 million square feet of office space worth $ 2 Billion from Bengaluru based RMZ corp.
In October 2020, Brookfield completed purchase of 130,000 communication towers from Reliance Jio for $ 3.7 billion along with other investors.
In 2019, CDPQ invested $75 Mn in Azure Power Global, an Indian producer of solar energy. This increased CDPQ’s interest from 40.3% to 49.7%.
The India Resurgence Fund platform, a distressed assets buyout platform set up with Piramal Enterprises Limited and Bain Capital Credit as joint sponsors, has received a commitment of US$225M from CPPIB, through its wholly owned subsidiary, CPPIB Credit Investments Inc in December 2019.
In September 2019, CPPIB bought ~8% stake in Logistics provider Delhivery for $115 mn. The investment was made through CPPIB’s Fundamental Equities Asia group, which performs fundamental research in invests in corporates throughout Asia.
CDPQ bought stake in Mahindra & Mahindra ltd for INR 1,244 Crore in June 2019. This is the first investment by CDPQ in Mahindra & Mahindra and in India’s automobile sector.
In May 2018, Fairfax India acquired an incremental 6% of BIAL from Siemens for $67 million, bringing its ownership to 54%. In 2017, Fairfax India had acquired a total of 48% of BIAL for $586 million.
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The World's Most Innovative Investment Promotion Agency Award 2021 awarded by OCO Global
United Nations Conference on Trade and Development (UNCTAD) Investment Promotion Award 2020 for best practices in COVID response
Best Investment Project Award five years in a row - 2016 to 2020 at the Annual Investment Meeting (AIM) organized by the Ministry of Economy, UAE.
Great Place to Work Certification by GPTW Survey 2019
The UNCTAD Award 2018 for promoting investment in sustainable development
Great Place to Work Certification by GPTW Survey 2018
Investment Award 2016 from the Indian Ocean Rim Association (IORA)
United Nations Conference on Trade and Development (UNCTAD) Investment Promotion Award 2016 for excellence in partnering for investment promotion