Indian and Canadian businesses will be investing over $1 billion dollars in each others’ countries as part of new deals announced after Canadian Prime Minister Justin Trudeau met with business leaders in Mumbai on Tuesday.
The announcement came after Canadian Prime Minister Justin Trudeau spent his third morning in India meeting with six of India’s top business leaders. The deals will touch on everything from pulp mills, pharamaceuticals, and the IT sector.
“As one of the world’s fastest growing economies, India offers exciting opportunities for Canadian businesses of all sizes,” said Trudeau in a press release.
Bilateral trade between the two countries reached $8.4 billion for 2016, but this is far below the target set in 2010 of $15 billion when a the idea of a trade agreement was conceived.
One investment comes from pharmaceutical company Jubilant Bhartia. It plans to invest $100 million to grow its facility in Kirkland, Que., according to the Canadian Press.
Canada and India have strong people ties. Canada is home to 1.4 million of Indian heritage. India was the source of the second-most newcomers in 2016 with 40,000. The commonalities between the two countries include political systems, the English language, and the Commonwealth.
Trudeau is making his first state visit to the world’s largest democracy. The visit began Feb. 17 and ends Feb. 23.
The visit has been overshadowed by non-business-related news such as Indian Prime Minister Narendra Modi not greeting Trudeau upon his arrival and accusations of Canadian sympathizing with Sikh separatism and the Khalistan region.
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