Ontario Strengthening International Partnerships With New Business Mission to India
February 22, 2024
Leading Indian tech and life sciences companies announce new investments and expansions to province
The Ontario government has concluded a successful business mission to India to build on the longstanding economic partnership between both jurisdictions. The mission, led by Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade, focused on attracting new investments and strengthening ties in key sectors like technology, life sciences, and advanced manufacturing.
“Our global presence keeps Ontario top of mind for business leaders and investors in key markets like India,” said Minister Fedeli. “During this business mission, our message to the companies we met with was clear: with a world-class workforce, state-of-the-art research and development facilities and competitive business environment, the opportunities for growth in Ontario are endless.”
From February 12 to 16, Ontario’s delegation participated in events hosted by the Indo-Canadian Business Chamber in Mumbai and Bengaluru, met with senior executives from several Indian-based companies and welcomed two new investments to our province.
Piramal Pharma Ltd., a global drug manufacturer specializing in cancer and eye and kidney disease treatments, announced a $4.7 million investment — through their subsidiary Piramal HealthCare Canada Ltd. — to modernize its research, development and manufacturing facility in Aurora. The upgrades to the facility were made possible with the support of a $1.2 million investment through the Ontario Together Fund.
And, in Mumbai, CSM Technologies announced that they will be opening a new office in Toronto and shared details about their plan to hire 150 highly-skilled tech employees over the next three years.
“International companies, across all sectors and industries, are choosing Ontario,” added Minister Fedeli. “We’re building international partnerships, boosting trade, attracting billions of dollars in new investments and creating more good-paying jobs for people right across the province.”
Quick Facts
- Ontario maintains Trade and Investment Offices in New Delhi and Mumbai to raise the province’s commercial profile, facilitate investment deals and support small and medium-sized businesses to expand their export capacity.
- Ontario’s IT sector is home to global Indian leaders like TCS, Infosys, HCL, Wipro, Zoho, PayTM and L&T. Recently, artificial intelligence platform XLSCOUT also announced a new North American headquarters in Ontario.
- Ontario has attracted tens of billions of dollars in technology investments from global companies over the last three years in sectors such as AI, fintech, e-commerce, cybersecurity, retail technology, and advanced networks.
- In 2022, Ontario’s life sciences sector generated over $77 billion in revenue. Annually, the life sciences sector exports $12.5 billion in goods, representing 62 per cent of total Canadian life sciences exports.
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