Today, Vic Fedeli, Ontario's Minister of Economic Development, Job Creation and Trade, and India's National Association of Software and Services Companies (NASSCOM) signed a Memorandum of Understanding (MOU) that will increase economic opportunities for businesses and create jobs in the innovation and technology sectors.
The signing of this agreement is a direct result of meetings Minister Fedeli had with NASSCOM during the successful Ontario trade mission to India he led last month. This formal agreement will promote technology and technology-based Foreign Direct Investment (FDI), enhance global competitiveness and support collaborative research and development between Ontario and India.
In addition to today's signing, the trade mission's results also include:
VDN Technologies announcing their new facility in the Kitchener-Waterloo area, that will create 200-plus engineering jobs, after months of engagement with the province.
Seneca College signing MOUs with the Thakur Institute of Management Studies and Research (TIMSR), the National Institute of Financial Management (NIFM), GD Goenka University and the Institute of Secretariat Training and Management.
Delighted to join Min @VictorFedeli to formalize our partnership with @nasscom through a MOU following our recent India Trade Mission. This partnership will allow for increased economic opportunities for the innovation and technology sectors. #OpenforBusiness #OpenforInnovation pic.twitter.com/kUR9YmtERE
— Nina Tangri (@ninatangri) December 11, 2019
Advancement of a formal partnership with the State of Karnataka — India's leader in information technologies — that would provide Ontario with a competitive advantage to access this market and develop opportunities for increased trade, investment and partnership.
Ontario is home to one of North America's largest innovative technology clusters. The province is well-positioned to seize opportunities for greater collaboration with India, which is on track to become one of the largest technology markets in the world.
"In an increasingly competitive and constantly changing global economy, the provinces have to take a leadership role to diversify trading partners to ensure our businesses have access to the world's markets," said Minister Fedeli.
"Our government is moving at the speed of business to attract new partners like NASSCOM to make Ontario open for business, open for jobs and open for trade and investment in strategic sectors like innovation and technology."
Delighted to formalize our partnership with @nasscom through the signing of a new MOU following our recent trade mission to India. This agreement will focus on tech-based foreign direct investment between Ontario and India. More info here: https://t.co/GLGz7XsJ6V #OpenForBusiness pic.twitter.com/L2QNjL4H0x
— Victor Fedeli (@VictorFedeli) December 11, 2019
NASSCOM is currently leading a delegation of 21 companies from India to Ontario to foster understanding of Ontario's successful technology ecosystem and learn how to establish operations within the province with confidence.
It is the largest not-for-profit industry association in India that represents the country's US$180 billion Information Technology (IT) and Business Process Management (BPM) industries with a membership of more than 2,200 Indian businesses. This MOU will give Ontario businesses a competitive advantage within the rapidly growing Indian market.
Quick Facts
There is $3.2 billion in two-way trade between Ontario and India — nine per cent of Canadian exports to India are from Ontario.
Ontario is one of North America’s largest technology clusters — with over 20,000 firms and about 300,000 highly qualified technology professionals.
In a recent Global Trends analysis, Ontario was named the #1 jurisdiction in North America for job creation resulting from FDI over the past year.
About 20 Ontario companies currently have operations in India.
Over 50 Indian companies across all sectors have operations and investments in Ontario.
Ontario maintains Trade and Investment Offices in New Delhi and Mumbai to facilitate investment deals, support Ontario small- and medium-sized enterprises (SMEs) expand their export capacity and promote Ontario’s open for business mandate.