Two-way trade between Ontario and India is valued at almost $4 billion. PHOTO courtesy INDEX.
The Ontario government has concluded a trade mission to India to strengthen relationships with economic partners and attract new investments in key sectors, including manufacturing.
The mission, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, resulted in renewed commitments to collaborate with the states of Maharashtra and Telangana.
“Ontario and India have a long history as economic partners and friends, and our government is proud to be back in India to build on that relationship,” said Minister Fedeli. “We continue to drive long-term economic growth by attracting investments and creating opportunities, while promoting the province as a leading destination for international investment.”
From November 25 to December 2, Ontario’s delegation met with leading companies based in India to showcase the province as a global hub for innovation and an ideal place for companies to invest. In addition to meetings with specific companies, the Ontario delegation also attended the Canada-India Business Council’s Mumbai Business Forum and the Indo-Canada Business Chamber’s annual convention and hosted a roundtable with innovative businesses based in India to discuss their plans for international growth and expansion.
As part of the trade mission, Ontario also renewed its longstanding Memorandum of Understanding (MOU) with the states of Maharashtra and Telangana. The new MOUs will foster continued collaboration on key initiatives across a wide range of sectors, including automotive, aerospace, media and entertainment. This timely renewal will help all three jurisdictions continue to innovate and grow.
Ontario is home to more than 900,000 people of Indian origin, the largest Indian population in all of Canada. There are more than 75,000 international students from India studying at Ontario colleges and universities.
In 2021, two-way trade between Ontario and India was valued at $3.7 billion. There are 69 Indian companies operating in Ontario, and more than 40 Ontario companies have a presence in India.
Ontario has trade and investment offices in New Delhi and Mumbai to attract and facilitate investment deals, help small and medium-sized enterprises expand their export capacity and promote the province’s Open for Business mandate.