Piyush Goyal lauds role of Indian diaspora in Canada

Union Minister of Commerce and Industry Piyush Goyal highlighted the role of the Indo-Canadian community in strengthening bilateral economic relations and deepening people-to-people ties during his three-day visit to Canada, which concluded on May 28 and focused on trade, investment and ongoing negotiations for the India-Canada Comprehensive Economic Partnership Agreement (CEPA).

The visit included engagements with academia, innovation centres, government leaders, business councils, institutional investors and members of the Indian diaspora in Toronto and Ottawa.

According to the Ministry of Commerce & Industry, the engagements “reinforced the sustained momentum in the India-Canada economic partnership” and highlighted India as “a premier global destination for investment, technology collaboration, and long-term partnerships.”

During the visit, Goyal addressed faculty, researchers and students at the University of Toronto’s Munk School of Global Affairs and Public Policy, where he spoke about India’s economic progress and opportunities to strengthen bilateral trade, investment and people-to-people ties.

He also visited the Ontario Centre of Innovation and held discussions with Canada-India Tech Connect on sectors including artificial intelligence and quantum computing. Goyal highlighted opportunities for cooperation in “AI, cleantech, agritech, and deep tech.”

In a key engagement, Goyal met Doug Ford, Premier of Ontario, to discuss collaboration in manufacturing, technology, infrastructure, clean energy, food processing and critical minerals.

The minister also interacted with representatives of regional chambers and business leaders operating in the India-Canada corridor to discuss strengthening commercial engagement and boosting investment flows amid ongoing CEPA negotiations.

Meetings were also held with institutional investors, including Ontario Teachers’ Pension Plan and CPP Investments, on investment opportunities in infrastructure, renewables, logistics, financial services and the digital economy in India.

The minister encouraged businesses to explore partnerships in sectors such as clean energy, aerospace, infrastructure, food processing and technology, stating that India’s “growing global economic stature is opening new avenues for Indian industry worldwide.”

He also interacted with members of the Canada-India Foundation and highlighted “the invaluable contribution of the Indo-Canadian community in bringing the two nations closer through stronger business engagement and people-to-people ties.”

Goyal led the largest-ever Indian business delegation to Canada, comprising representatives from more than 100 Indian companies. The visit focused on advancing bilateral economic ties and accelerating CEPA negotiations.

According to the ministry, bilateral trade between India and Canada currently stands at around USD 8.5 billion, with both countries committed to expanding it to USD 50 billion by 2030.