India, Canada committed to strengthen economic ties: Jaitley

The Dollar Business Bureau

India and Canada are dedicated to strengthening their financial and economic relationship and augmenting their strategic ties, Finance Minister Arun Jaitley has said while inviting investments from Canada in the infrastructure sector of India.

“Both countries are committed to strengthening economic ties as there is a positive environment. Negotiators from both countries will meet soon to resolve sticking points,” he said.

Jaitley on Monday had a meeting with Bill Morneau, his Canadian counterpart and International Trade Minister of Canada, Chrystia Freeland and took a review on the progress in the ties between the two countries that include the proposed Foreign Investment and Promotion and Protection Agreement (FIPA) and Comprehensive Economic Partnership Agreement (CEPA).

“The two countries are willing to conclude both the agreements,” he said.

Jaitley said both countries have also decided to improve their strategic partnership.

The Finance Minister also held meetings with Canadian bankers, pension funds and financial sector firms.

“Foreign direct investment (FDI) by investors from Canada in India was around $12 billion in the last 24 months that does not consist of portfolio investment,” he said.

Jaitley further stated that India is growing much faster compared to the rest of the world. The possible returns on investments in India are much more and the risk is much lower than other countries.

Canadian Finance Minister in a statement said, “I am pleased to build on Canada’s long-standing relationship with India by exploring ways to deepen our economic and financial ties. It is important that Canada continues to engage with the world to create more opportunities and prosperity for the middle class.”

The two ministers will also travel later this week to the US for attending the yearly meetings of the International Monetary Fund (IMF) and the World Bank Group, besides a G20 meeting.

Being the co-chairs of the G20’s working group responsible for the growth strategies, the two ministers are likely to highlight the significance of seizing the opportunity for investment in infrastructure and people in order to build a prosperous and strong global economy.