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Canadian and Indian companies ink deals worth $1bn during Trudeau's trip

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Staff Writer | February 21, 2018
Canadian and Indian companies have signed 66 new contracts worth $1 billion in total in a deal expected to create 5,800 jobs in Canada.
Trudeau India
Trade deals   66 new contracts and 5,800 jobs
Prime Minister Justin Trudeau made the announcement in front of an audience at the Canada-India Business Forum.

He spent the morning in Mumbai, India's financial capital, meeting with titans of industry and finance at the Taj Mahal Palace Hotel, scene of a deadly terror attack 10 years ago.

Most of the jobs will come from $250 million in new investments by Indian companies in Canada. Canadian companies will also invest $750 million in India.

The lion's share of that Canadian investment is Brookfield's acquisition of a Mumbai office complex currently owned by an insolvent Indian company.

The Indian executives who attended the event head up some of India's biggest multinationals: Tata Sons, Infosys, the Mahindra Group of Companies, Jubilant Bhartia Group, Aditya Birla Group and Shapoorij Pallonji Group.

Canadian trade with India can best be described as underperforming. The Harper government in 2012 set itself an objective of increasing two-way commerce to $15 billion by 2015.

The whole story here.