Trade in Key Technology and Infrastructure Sectors Strengthened
MUMBAI, Nov. 26, 2019 /PRNewswire/ — Today, Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade, Parliamentary Assistant Nina Tangri and Member of Provincial Parliament Deepak Anand concluded the province’s productive business trade mission to India.
“Our plan to build Ontario together means being open for business, open for jobs and open for trade to create new investment and good jobs,” said Minister Fedeli. “This message was well received by government and business partners alike who share in our ambition to increase economic growth through greater trade and investment. The Ontario businesses who joined us on this mission demonstrated without a shadow of a doubt why Ontario products, services and innovations have the reputation of being world-class.”
Results of the mission include:
- Leading Indian Internet of Things (IoT) company VVDN Technologies announced their new facility in the Kitchener-Waterloo area with the goal of strengthening their foothold in the region and building strategic ties across North America by leveraging the technical innovation the province is known for.
- Ontario’s highly regarded Seneca College, which welcomes more than 1,000 students from India each year, signed Memorandums of Understanding (MOUs) with the Thakur Institute of Management Studies and Research (TIMSR), the National Institute of Financial Management (NIFM), GD Goenka University and the Institute of Secretariat Training and Management.
- As leaders in the ICT sector, representatives from Ontario and the State of Karnataka, met to advance a formal partnership that would provide the opportunity for increased trade, investment and partnership.
Ontario’s infrastructure delegates also met with Indian businesses to explore opportunities for future partnership to meet India’s needs. India has announced it will invest US$1.5 trillion in various infrastructure projects including highways, railways, ports, airports, renewable energy, smart cities and transportation builds over the next five years. India stands to benefit from Ontario’s internationally recognized construction technology and design that meet world-class performance and quality standards.
Promoting Ontario as a premier destination to do business with and invest in, Minister Fedeli also participated in the Indo-Canadian Business Chamber’s annual conference in New Delhi and a Canada-India Business Council discussion in Mumbai on “Positioning Canada’s Regional Strengths.” The discussion highlighted the government’s commitment to developing new business ties and exploring new opportunities for greater trade and investment between Ontario and India.
Ontario is Canada’s economic powerhouse, and the country’s largest centre for banking, insurance and capital markets. The province’s diverse and innovative economy, with its educated and talented workforce, low business costs and commitment to reducing red tape make it one of the best places in the world to do business and invest.
- Minister Fedeli led 12 business delegates from Ontario’s ICT and infrastructure sectors on the mission to create new opportunities and partnerships.
- Over five days, the province helped facilitate nearly 150 business-to-business meetings that brought Ontario companies in direct contact with Indian businesses to explore new partnerships.
- Two-way trade between Ontario and India is worth C$3.2 billion (US$2.4 billion) — nine per cent of Canadian exports to India are from Ontario.
- Ontario is North America’s second largest ICT cluster — with over 20,000 firms and about 300,000 highly qualified technology professionals.
- Ontario’s construction sector GDP totaled C$50.7 billion (US$38.2 billion) in 2018, accounting for seven per cent of Ontario’s GDP.
- Approximately 20 Ontario companies currently have operations in India, while over 50 Indian companies across all sectors have operations and investments in Ontario.
- Ontario maintains Trade and Investment Offices in New Delhi and Mumbai to facilitate investment deals, support Ontario small- and medium-sized enterprises (SMEs) expand their export capacity and promote Ontario’s open for business mandate.
- During the 2018–2019 school year, around 52,000 Indian postsecondary students studied in Ontario’s world-class universities and colleges.
- Approximately 832,000 Ontarians are of Indian origin.
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