Canada seeks Indian support for infrastructure
Canada would welcome Indian participation in the CIB, the country’s Minister for Infrastructure and Communities Amarjeet Sohi told.
CIB is being created by the Trudeau government in 2017 and the government is mandated to invest Canadian $35 billion. This is part of efforts to woo investments for Canada’s infrastructure sector.
The two-way annual trade between the countries currently was at $6.3-billion in 2015 and is set to grow, according to Sohi.
Trade with India has grown 30 per cent from 2014, but the size of bilateral trade between the nations is relatively small, at about one-tenth the size of Canada’s annual trade flow with China.
“India is critical for Canada to engage with, as it is not only a growing economy, but a major player in the region,” the Minister noted.
Canada’s largest pension funds and investment firms –Canada Pension Plan Investment Board, Ontario Teachers Pension Plan to Fairfax Financial and Brookfield Asset Management – have in recent invested billions of dollars into investments within infrastructure, real estate and even start-ups in India.
Canadian funds have invested close to $15-billion in India in recent years. “There is a lot of potential of that investment growing,” said Sohi.