Emphasising the importance of bilateral investments, Sidhu told in an exclusive interview that Canada has invested close to USD 107 billion in India and sees significant scope to expand its presence across key sectors, including infrastructure, aviation, energy and critical minerals.
Also read: Cabinet approves Rs 52,878 crore IDBI Bank sale to Fairfax arm in India’s largest financial-sector FDI
“We have a great deal of respect for Fairfax and Mr Prem Watsa for what he’s doing here in India. He’s helping build airports. But if you look at the infrastructure needs of India, that’s where Canadian companies, institutions, and pension funds are doing a lot.” Sidhu said
He further pointed to the opportunities emerging from India’s infrastructure expansion plans, noting that the country aims to build 100 additional airports and requires around 2,000 more aircraft, areas where Canadian expertise could play a significant role.
“India wants to build 100 more airports,” Sidhu said, adding that Canada’s aerospace industry, along with its infrastructure and energy capabilities, offers considerable potential for cooperation.
The minister also highlighted Canadian pension funds‘ participation in infrastructure projects, including highways in India, describing the two countries as having strong economic complementarities.Also read: IDBI Bank strategic restructuring to attract FDI, boost banking sector, says FM Sitharaman
The Union Cabinet has approved the strategic sale and restructuring of IDBI Bank in a deal valued at Rs 52,878 crore on Wednesday. Under the proposed transaction, Life Insurance Corporation of India (LIC) is set to reduce its stake in the bank to 19 per cent, as Fairfax’s involvement advances the proposed ownership restructuring.
The transaction marks a significant development in India’s banking-sector disinvestment efforts and comes amid renewed emphasis on expanding economic engagement between India and Canada.
Sidhu expressed confidence that bilateral investments could grow further, saying that while Canada has already made substantial investments in India, there remains considerable room to increase the figure.