Canadian pension funds would be keen to explore investment opportunities in Indian infrastructure funds as India offers a “stable investment climate”, Canadian deputy prime minister and minister of finance Chrystia Freeland said on July 16.
Freeland met Indian finance minister Nirmala Sitharaman in Gujarat’s Gandhinagar a day ahead of the third meeting of G20 Finance Ministers and Central Bank Governors.
Canada Pension Plan Investment Board (CPPIB) has already invested in India’s National Investment and Infrastructure Fund (NIIF), a collaborative platform between the government of India, global investors, multilateral development banks (MDB) and domestic financial institutions.
Other NIIF global investors include Abu Dhabi Investment Authority (ADIA), PSP Investments, Temasek and US International Development Finance Corporation (US DFC).
NIIF has three funds —Master Fund, Fund of Funds and Strategic Opportunities Fund — that have invested in 16 entities covering ports and logistics, renewable energy, roads, digital infrastructure, healthcare and manufacturing among others.
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The two sides also discussed the progress made on the ongoing trade-related negotiations between India and Canada, India’s finance ministry tweeted.
Union Finance Minister Smt. @nsitharaman and Canadian Deputy Prime Minister and Minister of Finance Ms Chrystia Freeland @cafreeland met on the sidelines of the 3rd G20 Finance Ministers and Central Bank Governors #G20FMCBG meeting in Gandhinagar, Gujarat, today.
Building on the… pic.twitter.com/8rTWcMuWlh
— Ministry of Finance (@FinMinIndia) July 16, 2023
After relaunching negotiations in March 2022, the two countries have concluded eight rounds of negotiations for a Comprehensive Economic Partnership Agreement (CEPA). A fresh round of virtual talks opened on July 12 and is expected to continue till July 21.
Origin procedures, dispute settlements, trade in telecom and financial services are some of the areas of negotiations between India and Canada for the proposed trade pact.
