Canadian Trade Minister Maninder Sidhu has emphasized the potential for deepening economic ties between Canada and India, particularly in emerging sectors such as quantum computing, artificial intelligence, and aerospace. Speaking in Bengaluru on Friday, Sidhu highlighted the complementary strengths of the two economies, suggesting that the evolving global trade landscape presents an opportune moment for enhanced collaboration.
Sidhu, who is part of a high-level Canadian trade mission to India, underscored the importance of the proposed Comprehensive Economic Partnership Agreement (CEPA) between the two nations. He noted that the agreement, currently under negotiation, aims to more than double bilateral trade to $70 billion by 2030. He described this target as "transformational, " indicating a significant leap rather than a mere incremental increase.
The minister also pointed to the substantial role of Canadian institutional investors and pension funds in India, particularly in sectors such as infrastructure, healthcare, technology, clean technology, and energy. Canadian investments in these areas are estimated to be around $107 billion, reflecting a robust confidence in India's economic potential.
During the trade mission, more than 30 agreements were signed between Canadian and Indian entities, collectively valued at nearly 300 million Canadian dollars. Among these, a notable development is Fairfax's proposed acquisition of a majority stake in IDBI Bank, valued at close to 8 billion Canadian dollars (₹52,878 crore), which Sidhu cited as a testament to investor confidence in India's financial sector.
Immigration and Economic Growth
Addressing concerns about Canada's immigration policies, Sidhu responded to questions regarding the visa crackdown and efforts to ease the process for Indian students and professionals. He stated that Canada is committed to maintaining control over its immigration system, a pledge made during the last election. While international students are welcome, he emphasized the need for sustainable intake levels.
Sidhu explained that Canada's immigration policies are designed to consider the local impact on infrastructure, healthcare, and housing. "When people visit your country, you want to be able to host them, and that requires the necessary infrastructure, " he remarked. The focus, he said, is on ensuring quality in the immigration system, not on reducing the number of immigrants.
The minister also highlighted the significant demand for healthcare professionals in Canada, noting ongoing discussions with provinces and territories about the need for more physicians and nurses. This focus on economic immigration, he suggested, aligns with Canada's broader goals of fostering economic growth and addressing labor shortages in key sectors.
