FM Sitharaman on Wednesday met senior executives of various Canadian financial firms, including Sun Life Financial and the Canada Pension Plan Investment Board (CPPIB), urging them to enhance their India investment amid the country's rapid economic growth.

Key Highlights 

• FM Sitharaman met Sun Life, CPPIB, OTPP and OMERS, urging greater Canadian investment in India's growth story.
• India and Canada aim to raise bilateral trade to C$70 billion by 2030, with CEPA negotiations underway.

During a bilateral meeting with Sun Life Financial President and CEO Kevin D Strain in Toronto, FM Sitharaman highlighted the liberalisation of India's insurance sector, including the increase in the foreign direct investment (FDI) limit from 74% to 100%, and the government's vision of "Insurance for All by 2047." Discussions covered India's resilient growth, expanding market, macroeconomic stability, and rapidly developing digital and physical infrastructure — factors the finance ministry said were creating significant opportunities for long-term investment.

FM Sitharaman also highlighted opportunities for Sun Life to deepen its presence in insurance, asset management, alternatives and infrastructure, including through GIFT IFSC, alongside greater participation by Canadian institutional investors in India's broader growth story. Sun Life currently maintains a presence in India across the insurance and fund management space, besides other operations.

Canaccord Genuity Encouraged to Explore India's Growth Sectors

In a separate meeting, Canaccord Genuity Vice Chair Rod Phillips and CEO Dan Daviau highlighted the potential for greater investment flows between Canada and India. Sitharaman encouraged the firm to explore opportunities across India's growth sectors and play a constructive role in connecting Canadian and global capital with Indian businesses.

Discussions covered opportunities to deepen Canaccord Genuity's engagement with India, including supporting Indian companies in accessing global capital, expanding internationally, and acquiring technology and businesses overseas, the finance ministry said in a separate post on X.

Pension Funds CPPIB and OTPP Eye Infrastructure Opportunities

During a meeting with CPPIB President and CEO John Graham and Ontario Teachers' Pension Plan (OTPP) President and CEO Jo Taylor, Sitharaman encouraged both institutions to further deepen their engagement with India's infrastructure sector and emerging growth opportunities.

She appreciated CPPIB and OTPP's continued confidence in India and their long-term commitment, including investment in NIIF Infra Fund II. Discussions focused on expanding opportunities for institutional capital across transmission, renewable energy, roads, ports, urban infrastructure, digital infrastructure and data centres, according to the ministry.

Sitharaman also highlighted India's growing infrastructure monetisation pipeline and ongoing efforts to strengthen investor protection, regulatory predictability and transparency, as well as new opportunities in private credit and international financial services through GIFT IFSC.

OMERS Urged to Explore New Partnerships in India

In his meeting with Blake Hutcheson, President and CEO of OMERS pension fund, Finance Minister conveyed India's policy framework that is investor-friendly, enhanced tax certainty and ongoing reforms, and urged the fund house to look at more opportunities and collaborations in India across sectors and geographies.

The opportunities in the field of transportation, transmission, renewable energy, urban infrastructure, logistics and real estate due to the robust growth of India, its emerging middle class and its infrastructure requirements were discussed, the ministry added.

FM Sitharaman Pitches India's Growth Story to Canadian Businesses

In Toronto, FM Sitharaman spoke to the Indian diaspora and business community, noting that India and Canada are "most natural partners" and that the bilateral tie between the two countries is not limited to just any one trade agreement. The comments reflect the ongoing talks between both sides on a Comprehensive Economic Partnership Agreement (CEPA), as well as discussions on enhancing investment and financial cooperation, with a target of bilateral trade reaching C$70 billion by 2030.

GIFT City and UPI Highlighted as Key Investment Avenues

FM Sitharaman also highlighted GIFT City as one of the promising avenues for Canadian institutional investors to engage with India's growth story while also indicating the Unified Payments Interface (UPI) and India's fintech ecosystem as potential areas for further bilateral cooperation. The opportunities for Canadian investors in India were huge due to sustained economic growth, a large, young population, rising consumption and the development of increasingly sophisticated capital markets, she said.

India-Canada Economic Ties Get a Fresh Impetus

The investment pitch is part of a wider bid by both nations to boost economic ties, with India and Canada aiming to increase bilateral trade to C$70 billion by 2030 and CEPA talks ongoing.

FM Sitharaman cited recent developments as proof of a new economic pulse between the two countries such as the formal starting of Cepa negotiations and uranium deal with Canadian firm Cameco worth C$2.6 billion. The cooperation between the two countries can be expanded in several fields, such as energy, critical minerals, technology and innovation, resilient supply chains and other fields, and not just in the field of merchandise trade, she said.

Also Read: India and Canada Relaunch CEPA, Target $50 Bn Trade by 2030

Canadian Institutional Capital Already Has Strong Presence in India

Canadian institutional capital already maintains a significant presence in India. Sitharaman highlighted investments made by Canadian pension funds across areas such as infrastructure, logistics, renewable energy and financial services, while making the case for greater participation in India's next phase of growth.

FM Sitharaman is travelling to Canada and the United States from August 25 to September 2. Her visit includes the first India-Canada Economic and Financial Dialogue with Canadian Finance Minister François-Philippe Champagne, alongside meetings with investors and businesses. The dialogue is expected to focus on macroeconomic developments, financial-sector cooperation and investment opportunities between the two countries.