Narendra Modi making the first visit this week, April 14-16, by a sitting Indian Prime Minister to Canada in forty-two years, lost no time as he sealed and inked a bouquet of trade deals and agreements between the two countries.
Among the most significant of them is the $350-million uranium sale deal struck up between Saskatchewan-based Cameco Corporation – the world’s second largest uranium producer and India’s Department of Atomic Energy, the former agreeing to supply 3,220 metric tonnes of uranium to the latter, over the next five years.
In all, 16 commercial agreements and announcements were made by Canadian and Indian companies and trade organizations, toting up to a combined value of over $1.6 billion. They span a range of sectors and industries including aerospace, defence, infrastructure, information and communications technology, education, energy, mining and sustainable technologies.
A visibly excited Stephen Harper commenting on the great advances this visit by Modi has brought about said, “It is exciting to see the commercial deals being signed between Canadian and Indian firms today, which will generate jobs and economic growth in both countries. The untapped trade potential between Canada and India is enormous. Canada has what India needs and vice-versa. Recognizing this, Prime Minister Modi and I are busy working to advance bilateral agreements that will further increase two-way trade and investment flows.”
Here, in brief are the many commercial agreements and announcements made between Canada and India as was listed on the PMO Canada website
The national carrier has announced that beginning November 2015, it will reinstate the direct Toronto-Delhi flight on Boeing 787 Aircraft. This means more and more visitors and business people can avail of easier and faster trips, to and fro between Canada and India.
AMP Solar Group Inc.
Ontario-based AMP Solar Group has signed an MOU with SUN Group to jointly develop, own and operate over 500MW of solar assets in India over the next three years. This will result in the investment of over $1 billion into new energy infrastructure in India.
Quebec-based Azzimov Corporation, an alumnus of the Government of Canada’s Trade Commissioner Service’s Canadian Technology Accelerators initiative, signed a joint venture partnership with O4 Digital Media to offer India’s first and largest online video shopping platform. The estimated value of this agreement is $50 million over the next three years.
Caisse de dépôt et placement du Québec (CDPQ)
Quebec-based institutional fund manager CDPQ announced it will open a Mumbai office in 2016 as part of its push to expand its presence in selected markets and invest strategically, in line with the core trends driving the world economy.
Saskatchewan-based Cameco signed an agreement with India’s Department of Atomic Energy to supply over seven million pounds of uranium to India over the next five years. At today’s uranium price, this contract is valued at over $350 million. The supply contract was made possible by the Canada-India Nuclear Cooperation Agreement which came into force in September 2013.
Canada Pension Plan Investment Board (CPPIB)
The CPPIB announced that it plans to open a Mumbai office in October 2015. As of December 31, 2014, CPPIB managed over $238 billion in investment assets for the Canada Pension Plan on behalf of 18 million Canadians.
Ontario-based Canadian Solar announced that it will invest in a facility for solar cells and modules in India. This entails an investment of $70 million.
Ontario-based Clearford announced the following four projects:
- a memorandum of understanding with Infrastructure Leasing & Financial Services Limited under which the Clearford One Sanitation system will be used to collect and treat wastewater in Gujarat, pursuant to the Government of India’s commitment to provide toilets and bathrooms to every household;
- a memorandum of understanding with IVRCL Ltd. that will see collaboration on joint sanitation projects. The first proposed project is a sewage treatment project for Jawaharlal Nehru Technological University new campus in Kalagiri;
- an agreement with St. Xavier’s College to build a sewage treatment plant for its campus in Kolkata; and,
- an agreement with the Indian Institute of Technology for a sewer treatment pilot project at its Kharagpur campus.
CMC Electronics Inc.
Quebec-based CMC Electronics Inc. will supply Hindustan Aeronautics Limited with integrated cockpit display systems for India’s new domestically-produced Hindustan Turbo Trainer (HTT-40) aircraft. The deal is valued at $20 million.
Quebec-based Darram Inc. is partnering with the Taj Group to open a five-star health spa in 2016 near Rishikesh. This eco-friendly destination resort, with an investment of $30 million, will implement a joint Indo-Canadian design that adheres to the world’s best sustainable development practices.
Ontario-based Fanshawe College signed a summer program agreement with IILM Institute for Higher Education for 90 graduate students to travel to Fanshawe College in July 2015 to undertake a four-week summer program in Digital Marketing and Google Analytics.
The Times of India Group signed an agreement to invest $29 million in SKILLSdox India Private Ltd., a subsidiary of Ontario-based SKILLSdox, in order to direct millions of new learners into SKILLSdox’s online educational marketplace, opening up online education opportunities across India.
Tata Consultancy Services Co-Innovation Network
Tata Consultancy Services Co-Innovation Network announced that it will set up a new innovation lab in Toronto. The investment of $100 million is expected to help facilitate the commercialization of new technologies.
~ Source: PMO Canada