Finance Minister meets top bosses of Canadian financial firms, seeks greater investments

Washington, Aug 27 (PTI) Finance Minister Nirmala Sitharaman met senior executives of various Canadian financial firms, including Sun Life Financial and Canada Pension Plan Investment Board (CPPIB), on Wednesday. She asked them to enhance their investment in India, which is experiencing rapid economic growth. During the bilateral meeting with Sun Life Financial President and CEO Kevin D. Strain in Toronto, Sitharaman highlighted the liberalization of the insurance sector, including the increase in Foreign Direct Investment (FDI) limit from 74% to 100%, and the government's vision of achieving 'Insurance for All' by 2047. She emphasized opportunities for Sun Life to deepen its presence in insurance, asset management, alternatives, and infrastructure through GIFT IFSC. Additionally, she encouraged greater participation by Canadian institutional investors in India's growth story. In another meeting, Canaccord Genuity Vice Chair Rod Phillips and CEO Dan Daviau discussed potential investment flows between Canada and India. Sitharaman encouraged Canaccord Genuity to explore opportunities across India's growth sectors, including supporting Indian companies in accessing global capital and expanding internationally. During meetings with CPPIB President and CEO John Graham and Ontario Teachers' Pension Plan (OTPP) President and CEO Jo Taylor, Sitharaman encouraged deeper engagement with India's infrastructure sector. She highlighted opportunities in transmission, renewable energy, roads, ports, urban infrastructure, digital infrastructure, and data centers. She also appreciated CPPIB and OTPP's confidence in India and their long-term commitment, particularly in NIIF Infra Fund II. In a meeting with OMERS President and CEO Blake Hutcheson, Sitharaman emphasized India's investor-friendly policy environment, tax certainty, and ongoing reforms. She encouraged OMERS to explore new opportunities and partnerships across transportation, renewable energy, urban infrastructure, logistics, and real estate, leveraging India's strong growth and expanding middle class. The finance ministry noted discussions covered India's resilient growth, expanding market, macroeconomic stability, and rapidly developing digital and physical infrastructure, presenting significant long-term investment opportunities. The minister also highlighted India's growing infrastructure monetization pipeline, efforts to strengthen investor protection, regulatory predictability, transparency, and new opportunities in private credit and international financial services through GIFT IFSC.