Prime Minister Stephen Harper and Narendra Modi, Prime Minister of India, today witnessed the signing and finalization of six significant initiatives between Canada and India that will help to further advance bilateral relations between the two countries. They were joined by Ed Fast, Minister of International Trade.
The initiatives announced today will promote greater collaboration in the areas of civil aviation, railway transportation, education and skills development, space, social security and maternal, newborn and child health.
- Canada and India have longstanding bilateral relations built upon shared traditions of democracy and pluralism, and on strong interpersonal connections with the approximately 1.2 million Indian diaspora community in Canada.
- With bilateral merchandise trade valued at $6.3 billion in 2014 and bilateral service trade at over $1.5 billion in 2013, a market of more than 1.2 billion people, and a predicted economic growth of 7.5 per cent in 2015, India represents exciting opportunities for Canadian businesses.
- The stock of two-way foreign direct investment (FDI) between Canada and India totalled approximately $4.4 billion in 2013. Of this, the stock of FDI in Canada from India is nearly $3.8 billion and the stock of Canadian FDI in India stood at $613 million.