This is your second term in the Ontario Legislature. What progress have you made in fostering India-Ontario business relations?
Our business relationship has grown tremendously over the past year, in large part to Ontario’s business mission to India in January 2007 led by Premier Dalton McGuinty. The Premier and I were accompanied by more than 100 Ontario business leaders. We were able to forge partnerships that are helping India become more competitive, leading edge and successful in the global arena.
The joint venture on powertrain production between Ontario’s Magna and India’s RICO Auto Industries is just one example. Through our Government’s efforts, Ontario continues building and strengthening its trade and investment relationship with India and other key markets around the world.
What does Ontario offer India in terms of business opportunities?
By investing in Ontario, businesses from India have the opportunity to penetrate a thriving market. Ontario’s strengths match the needs of India’s rapidly expanding economy, allowing India to maintain its rapid economic growth. As an example, Ontario’s expertise in transportation infrastructure allows growing Indian businesses to connect with customers and business partners while creating opportunities for Ontario engineers, construction firms, and infrastructure consultants.
We’re working closely with the Indo-Canada Chamber of Commerce, which represents nearly 1,000 members, to explore and develop the lucrative business opportunities between out two jurisdictions.
Ontario’s International Marketing Centre in New Delhi helps to leverage the tremendous opportunities in India by promoting Ontario’s expertise in advanced manufacturing, infrastructure, biotechnology and the automotive industry. We’re also working with the Canadian federal government to ensure that the trade relationship between Ontario and India remains strong, competitive and mutually beneficial.
Top Reasons for Investing in Ontario:
Ontario’s economy continues to grow and is well-balanced, with high concentrations of manufacturing, financial and business services. At almost $400 billion, our GDP is larger than Switzerland, Belgium, Sweden or Austria.
· Ontario is home to many multinational operations. Six of the world’s largest automotive companies and eight of the world’s 10 largest chemical companies are located in Ontario. Nearly all the global biotech giants and international leaders in ICT and aerospace operate here.
Can you name some Indian companies that have invested in Ontario?
In the life sciences sector, Ranbaxy of Mississauga oversees sales, marketing, regulatory affairs and clinical trials. Nicholas Piramal of Aurora operates an integrated global custom manufacturing facility. And Gangagen is a wholly-owned subsidiary in Ottawa. Ontario offers Indian ICT companies a cost effective location for successfully competing in the North American market., Aditya Birla Minacs operates a customer contact service centre in Mississauga. Others operating in Ontario include Wipro Technologies, Tata Consultancy Services, Infosys Technology, Satyam Computer Services, Aithent Technologies, Cognizant, I-Flex, and Polaris Software Lab. There is a strong Indian presence in financial services in Ontario, including ICICI Bank, State Bank of India, and Bank of Punjab. Other Indian companies that have invested in Ontario include Air India and Kumaran Systems.
Has business between Canada and India been progressing in recent years?
Absolutely! Canada’s investment in India has increased by more than 50 per cent between 2004 and 2006. India is growing by leaps and bounds and both Ontario and Canada have the expertise, resources and skilled labour force to help India reach its objectives as an emerging superpower. Ontario is making efforts to attract Indian investments in Information and Communication Technology, Life Sciences and Financial Services. India has the fastest growing ICT market in the world.
Indian pharmaceutical manufacturers are establishing subsidiaries to enter regulated markets. Ontario offers India a cost effective location to conduct clinical trials and the potential to develop alliances with biotech companies and research institutions in Ontario.
Ontario is also seeking to collaborate with Indian financial institutions from both investment attraction and trade development perspectives. New partnerships can help Ontario generate investment leads.
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