New Delhi, November 25, 2025:
India and Canada are poised to significantly expand their strategic and economic partnership, with Union Minister of Commerce and Industry Shri Piyush Goyal emphasising strong collaboration potential in critical minerals, clean energy, nuclear energy and emerging technology sectors. Addressing the Indo-Canadian Business Chamber in New Delhi, Shri Goyal said the complementary strengths of both nations create wide-ranging opportunities for growth, innovation and investment.
Highlighting India’s rapidly advancing technological ecosystem, he noted that the country offers a competitive edge in artificial intelligence, quantum computing, machine learning and next-generation data centres, backed by the world’s largest annual pipeline of STEM graduates. He described India and Canada as “natural allies” bonded by democratic values, trust and a shared vision for development.
Shri Goyal recalled the recent meeting between Prime Minister Shri Narendra Modi and Canadian Prime Minister Mr. Mark Carney during the G20 Summit, where both leaders agreed to launch negotiations for a high-ambition Comprehensive Economic Partnership Agreement (CEPA). The two nations also agreed to double bilateral trade by 2030, signalling a new phase of economic engagement.
The Minister highlighted India’s robust energy architecture, noting that the country’s 500 GW national power grid—including 250 GW clean energy capacity—offers the resilience needed for AI- and data-driven infrastructure. With India set to double its clean energy capacity to 500 GW by 2030, Shri Goyal said India remains one of the few democracies able to provide 24×7 clean energy at globally competitive rates.
Referring to the seventh Ministerial Dialogue held earlier in the month with Canada’s Minister of International Trade, he said both sides agreed to revitalise business engagement, promote two-way delegations and explore new avenues of collaboration. He acknowledged the significant flow of Canadian investments, particularly from Canadian pension funds, and the growing interest of Canadian companies in India’s expanding markets.
Shri Goyal outlined India’s strong macroeconomic fundamentals, stating that the country’s journey from being part of the “Fragile Five” to becoming one of the world’s top five economies reflects sustained policy stability and structural reforms. He reiterated that India is expected to become the world’s third-largest economy within 2–2.5 years, supported by low inflation, large forex reserves, a strong banking system, and dynamic capital markets. He noted that India’s stock market has grown more than 4.5 times in the last 11 years, demonstrating robust investor confidence.
He emphasised that India’s development model is built on macroeconomic stability, inclusive growth, sustainability and welfare, ensuring participation from all 140 crore citizens. Powered by a young talent base and ambitious vision, India’s economic momentum is expected to remain strong for decades.
To accelerate India–Canada cooperation, Shri Goyal proposed a five-pronged strategy, calling for:
- Converting dialogue into measurable outcomes
- Creating sector-specific roadmaps
- Revitalising the CEO Forum
- Strengthening innovation ties, especially in AI
- Identifying priority sectors including critical minerals, clean energy, aerospace, defence and manufacturing under Make in India
He urged Canadian innovators and industry leaders to partner with India and explore opportunities under India’s USD 12 billion R&D fund, supported by strong IPR protection and access to large datasets.
Shri Goyal concluded by inviting Canadian businesses to join India’s mission to become a developed nation by 2047, assuring a stable, transparent and opportunity-rich environment for long-term collaboration. He expressed confidence that the India–Canada partnership will grow stronger across strategic sectors in the coming years.