Finance Minister Meets Top Bosses Of Canadian Financial Firms, Seeks Greater Investments

Finance Minister Nirmala Sitharaman on Wednesday met senior executives of various Canadian financial firms, including Sun Life Financial and Canada Pension Plan Investment Board (CPPIB), and asked them to enhance their investment in India, which is witnessing rapid economic growth.

During the bilateral meeting with Sun Life Financial President and CEO Kevin D Strain in Toronto, Sitharaman highlighted the liberalisation of the insurance sector, including the increase in FDI (foreign direct investment) 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 & physical infrastructure, creating significant opportunities for long-term investment, the finance ministry said in a post on X.

She also highlighted opportunities for Sun Life to deepen its presence in insurance, asset management, alternatives and infrastructure, including through GIFT IFSC, and greater participation by Canadian institutional investors in India's growth story.

Sun Life is present in India in the insurance and fund management space, besides having other operations.

In another meeting, Canaccord Genuity Vice Chair Rod Phillips and CEO Dan Daviau highlighted the potential for greater investment flows between Canada and India.

She encouraged Canaccord Genuity 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 ministry said in a separate post on X.

During the meeting with Canada Pension Plan Investment Board (CPPIB) President and CEO John Graham and Ontario Teachers' Pension Plan (OTPP) President and CEO Jo Taylor, Sitharaman encouraged them 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, the ministry said in another post on X.

The finance minister 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.

During the meeting with another pension fund player OMERS President and CEO Blake Hutcheson, the finance minister emphasised India's investor-friendly policy environment, greater tax certainty and ongoing reforms, and encouraged the fund house to explore new opportunities and partnerships across sectors and geographies in India.

Discussions focused on opportunities across transportation, transmission, renewable energy, urban infrastructure, logistics and real estate, leveraging India's strong growth, expanding middle class and infrastructure needs, it added.