Earlier this month, the provincial government went into an agreement with India to strengthen two-way trade. Ontario’s Minister of Economic Development, Job Creation and Trade, Vic Fedeli, and India’s National Association of Software and Services Companies (NASSCOM) signed a Memorandum of Understanding (MOU).
This MOU will open more economic opportunities in forming businesses and creating jobs in the sectors of technology and innovation. The province says that the agreement will give Ontario a competitive advantage in partnering with India’s rapidly growing technology market.
Ontario, one of the largest innovative technology clusters in North America, ranked first as a jurisdiction in North America in a recent global trend analysis of job creation over the past year. And India is trending as one of the largest and most adaptive technology markets in the world.
Because of all that, the Ford government feels Ontario is primed for increased collaboration with India. Currently, there is $3.2 billion in two-way trade between Ontario and India. About 20 Ontario companies currently have operations in India, and over 50 Indian companies across all sectors have operations in Ontario. Nine per cent of Canadian exports to India come from Ontario, with the province housing over 20,000 firms and over 300,000 highly skilled technology professionals. Ontario maintains trade and investment offices in the cities of New Delhi and Mumbai to facilitate investment deals, and to support Ontario’s small and medium-sized enterprises, and to expand the province’s export capacity as part of Ontario’s “open for business” mandate.
For more information, see the official news release here.