News
For Immediate Release
Toronto
06/24/2011
Showcasing Ontario’s Strengths: McGuinty Government Helping Ontario Businesses Partner With India
NEWS
Ontario is helping local businesses and organizations develop stronger economic ties with India.
More than 300 business leaders in the clean technology, post-secondary education, digital media, tourism and film industries from India and Ontario are meeting at the Global Business Forum to support the $1.6 billion annual trade between both economies, which saw a 35 percent increase since 2006. The forum will build on the momentum of trade and investment missions that have already brought Ontario’s cutting edge companies to the Indian market, including:
- The Premier’s Clean Technology Mission to India in 2009, which resulted in 52 agreements, including clean technology sector, worth more than $650 million dollars.
- The Ontario-India Research Collaboration Fund which was launched in 2010 to help develop strategic partnering activities and research collaborations between both regions.
Helping Ontario businesses reach global markets is a key component of the plan laid out in Ontario’s 2011 Budget — Turning the Corner, to create and support jobs for Ontario families and strengthen local economies.
QUOTES
“Ontario understands the need to continue driving the economy further in the global market. We are working on every front to help our companies become more competitive and that includes building solid relationships with other economic powerhouses such as India. This Forum is one more step towards building those bridges that make Ontario and its trade partners mutually stronger.”
– Sandra Pupatello, Minister of Economic Development and Trade
“At GBF, it is our endeavour to elevate the partnership between India and Ontario to a level where India figures as significantly as it should in the business plans of Ontario companies and where they both work as global partners strengthening bilateral trade and investment. The GBF is the forerunner of a greatly strengthened business relationship between Indian and Canada especially the province of Ontario. IIFA is a huge draw for international media due to growing global interest in Indian cinema industry and FICCI-IIFA GBF is an attempt to translate this attention and enthusiasm into a long lasting economic relationship and achieve its “One People; One World” by building bridges between countries, people, businesses and cinema.
– Dr. Rajiv Kumar, Secretary General of FICCI
QUICK FACTS
- Toronto is the first jurisdiction in North America to host the International Indian Film Academy (IIFA) Awards, which includes the Global Business Forum.
- Ontario is the third largest entertainment sector in North America contributing almost $2 billion annually to our economy.
- India is the world’s 4th largest economy in terms of purchasing power parity, the country is an economic powerhouse and a dynamic business partner.
- Between 2000 and 2009, travel from India to Ontario more than doubled. It is expected to increase by another 72% by 2014.
- India is ranked 6th in the world for its annual investment in clean energy.
- Ontario's exports to India have nearly tripled from almost $138 million in 2004 to $400 million in 2010.
- As a result of the province’s tax changes, taxes on business investment were cut in half, making Ontario more competitive and encouraging new business investments.
LEARN MORE
- Read about Open Ontario, the government's five-year plan for the economy.
- Check out programs and services for business.
For more information:
Tim Weber
Minister Pupatello's Office
416-325-4520
Sofia Sousa-Dias
Communications Branch
416-326-8465
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