Canadian pension funds eager to invest in India, says Finance Minister

In a recent meeting between Canadian and Indian officials, discussions surrounding trade relations and economic cooperation took center stage.

The finance ministers of both nations, Chrystia Freeland of Canada and Nirmala Sitharaman of India, met on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Gandhinagar, highlighting the commitment to fostering stronger ties between the two countries.

The Indian finance ministry tweeted about the progress made on various trade-related negotiations between India and Canada. Notably, Canadian Pension Funds expressed their keen interest in exploring investments in Indian Infrastructure Funds, citing India's stable investment climate. This indicates a positive outlook for economic collaboration between the two nations.

The meeting took place just hours before a voting process known as the Khalistan Referendum was held in the Greater Toronto Area (GTA). Organized by the secessionist group Sikhs for Justice (SFJ), the referendum aimed to assert a separate Sikh state. Despite this sensitive context, the meeting between the finance ministers highlighted a mutual desire to move forward and strengthen bilateral relations.

Sanjay Kumar Verma, India's High Commissioner to Ottawa, emphasized that the referendum was an illegal endeavor orchestrated by the SFJ, an organization proscribed under the Unlawful Association Prevention Act of India. He dismissed the referendum as a futile attempt to disrupt the Canada-India relationship.

Looking ahead, the economic relationship between India and Canada remains a priority. Canada's International Trade Minister, Mary Ng, is scheduled to visit India in August. During her visit, she is expected to meet with India's Commerce and Industry Minister, Piyush Goyal, on the sidelines of the G20 Trade Ministers vertical in Jaipur.

Additionally, Minister Ng will lead a Canadian trade mission to India in October. Both countries are working towards an Early Progress Trade Agreement (EPTA), which serves as an interim step towards a Comprehensive Economic Partnership Agreement (CEPA).