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In a news release published on December 5, 2022, Ontario discussed trade opportunities with India and its successful efforts to attract investment. A key objective of Ontario was to attract investment and increase exports in key sectors.
After a successful trade mission to India, the Ontario government hopes to improve partnerships with economic partners and attract new investments in manufacturing, technology, and life sciences.
The mission was led by Vic Fedeli, Minister of Economic Development, Job Creation, and Trade, who renewed commitments to work with Maharashtra and Telangana, as well as 88 Pictures, which is a Mumbai-based animation and media entertainment company, announcing its expansion into Ontario.
With over 900,000 Indian residents, Ontario has the largest Indian population in the country. Moreover, Ontario colleges and universities enroll over 75,000 international students from India.
Ontario’s delegation visited major companies in India from November 25 to December 2, 2022, to promote the province as a worldwide innovation hub and a great investment destination.
It featured a meeting with 88 Pictures, which announced that Ontario would be its first international expansion destination, along with Toronto Global. Over the next two years, this investment will create 150 new employment in Ontario.
The other highlights were meetings with HCL Technologies, Motherson Sumi, Jubilant Bhartia Group, Larsen & Toubro, ITC Infotech, Essar, Tata, and ICICI.
In 2021, Ontario and India traded $3.7 billion in both directions. Indian businesses have 69 presences in Ontario, while over 40 Ontario companies do business there.
Among India’s recent investments in Ontario are:
The province has trade and investment offices in cities such as New Delhi and Mumbai in order to attract and expedite investment negotiations, increase export capability, and promote its Open for Business agenda.
A delegation from Ontario also attended the Mumbai Business Forum of the Canada-India Business Council and the annual conference of the Indo-Canada Business Chamber in an effort to highlight the province’s global innovation and leadership.
Also, a roundtable discussion with innovative Indian companies about their global expansion strategies was hosted by the delegation.
During the trade trip, Ontario also updated its long-standing Memorandum of Understanding (MOU) with Maharashtra and Telangana.
The MOUs will foster ongoing collaboration on significant projects across a wide range of industries, including automotive, aerospace, media, and entertainment. This timely renewal will allow all three jurisdictions to continue to develop and innovate.
Due to its skilled workforce, cutting-edge research and development facilities, award-winning manufacturing, and access to essential materials, the province remains one of the most competitive regions for businesses to invest in.
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