Seeking to provide “new impetus” to their economic relations, Canada and India are jointly working to finalize a bilateral foreign investment agreement to accelerate investments, Canada’s defense minister has said. Jason Kenney, Canada’s minister of national defense and minister for multiculturalism, said the Foreign Investment Protection and Promotion Agreement will benefit investors from both the countries by providing “greater certainty” for Canadian firms with existing investments in India. “It would also promote Canada as a destination for foreign investment, opening up markets for Indian corporations looking for new opportunities abroad,” Kenney said while addressing a reception hosted by the Indian Consulate in Toronto to commemorate the country’s 69th Independence Day on Saturday.
