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India and Canada on Thursday agreed to move beyond traditional trade in goods and services and build a deeper economic partnership encompassing investment, finance, capital markets and regulatory cooperation, Finance Minister Nirmala Sitharaman said after the inaugural Economic and Financial Dialogue with her Canadian counterpart Francois-Philippe Champagne in Toronto.
“Our discussions today centred around three broad categories,” Sitharaman said, adding that the first was macroeconomic developments and domestic policy priorities for both countries.
“We also recognised the complementarities between the two economies, India and Canada, and the considerable scope to deepen investment and economic cooperation,” she said.
The second was practical avenues for cooperation in the financial sector, including cross-border payments, financial stability, fintech and capital markets. “There is considerable potential for our financial systems to work together more closely and facilitate greater flows of trade, investment and also remittances,” she said.
The third area was opportunities for wider international and multilateral cooperation on issues of shared interest, including critical minerals.
Energy security was also one of the areas where greater India-Canada cooperation can contribute to more resilient and diversified global supply chains.
“India is the world’s fastest-growing major economy and fourth-largest economy in the world now. We can be the partner of choice when it comes to energy security,” Champagne said.
Canadian pension funds are the largest investors in infrastructure in India. “This is something that we want to do more of. Obviously, there will be a lot of infrastructure to be built in India as the fastest-growing economy, and Canada wants to be part of that journey,” Champagne added.
At a separate high-level business roundtable in Toronto with CEOs, presidents and senior executives of leading Canadian companies, Sitharaman said Canada’s capital, technology, innovation and natural resources can complement India’s scale, talent and manufacturing strengths.
She invited Canadian businesses and investors to view India not simply as an investment destination, but as a partner and platform for global growth, and to build long-term operations and partnerships serving both India and wider global markets as the country advances towards Viksit Bharat 2047, the Finance Ministry said in a post on ‘X’.
In Toronto, Sitharaman also met several top executives of Canadian companies and financial institutions, including Wayne Lee, Managing Director and Head of International Banking at CIBC Bank; Kevin D. Strain, President and CEO of Sun Life Financial; Dan Daviau, CEO, and Rod Phillips, Vice Chair, of Canaccord Genuity; John Graham, President and CEO of the Canada Pension Plan Investment Board (CPPIB); and Jo Taylor, President and CEO of the Ontario Teachers’ Pension Plan (OTPP).
Sitharaman appreciated OTPP’s long-term confidence in India and its partnership with the National Investment and Infrastructure Fund (NIIF), including its participation in NIIF Infra Fund II. Discussions explored opportunities to expand OTPP’s infrastructure investments through partnerships and co-investment, including in transmission, transport, urban infrastructure and renewable energy.
TOPICSCanadaThis article was first uploaded on August twenty-eight, twenty twenty-six, at twenty minutes past one in the night. © The Indian Express (P) Ltd