Canada announces $1B investment deal with India

Canada and India have secured a two-way investment deal worth $1 billion covering a range of sectors from natural health products to artificial intelligence.

Prime Minister Justin Trudeau made the announcement on Tuesday in Mumbai during his trade trip to India.

Canadian and private companies signed 66 new commercial contracts and agreements, his office said, in a deal expected to create 5,800 jobs in Canada.

Indian companies are expected to invest close to $250 million in Canada, which will pick up the remaining $750-million tab, according to the Prime Minister’s Office.

The deal includes specific initiatives to help women, including entrepreneurs.

Ahead of Trudeau’s most recent trip to India, two-way trade between the two countries hovered at about $8 billion annually