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Canada is becoming an increasingly popular destination for immigrants, and Indians are leading the way. India is the top source for immigrants in Canada, and the Canadian government is now offering a host of incentives for budding and established entrepreneurs from the Asian giant.
According to Vikram Khurana, a Canadian entrepreneur and the chair of the Toronto Business Development Centre (TBDC), a leading business incubator that has been internationally recognised for its efforts in nurturing the growth of new and emerging businesses in the Greater Toronto Area, TBDC has launched a new initiative that promotes entrepreneurship, innovation, and economic growth in both India and Canada.
Speaking from India, where he was attending the G20 meetings, Khurana explained to Moneycontrol in an interview, that the initiative aims to help potential immigrant entrepreneurs identify business opportunities within the province of Ontario and provides experienced entrepreneurs with a pathway to permanent residence in Canada by either starting a new business or acquiring an existing one.
Through this initiative, TBDC plans to facilitate the arrival of 100 entrepreneurs from India who are willing to invest $200,000 or more in either buying or establishing a business within Ontario. This move is expected to boost economic growth in both India and Canada while also creating job opportunities for Canadians.
The Startup Visa Program by TBDC has been instrumental in supporting the growth and establishment of over 9,000 businesses in Toronto and Ontario, both domestically and internationally.
Khurana explained that the initiative is aimed at promoting economic growth and entrepreneurship in both countries while also helping Indian entrepreneurs make a successful transition to life in Canada. He added that the TBDC is committed to helping these entrepreneurs navigate the complex process of starting or acquiring a business in Canada, providing them with guidance and support every step of the way.
Canada’s welcoming attitude towards immigrants, combined with its stable economy and business-friendly environment, make it an attractive destination for entrepreneurs from around the world, including India. The new initiative by the TBDC is just one example of how the Canadian government and business community are working together to attract top talent and promote economic growth.
Meanwhile, India and Canada are quickly approaching the finalization of an interim free trade agreement. Both countries have already exchanged offers for market access to goods and services, and the next round of discussions in early April is expected to further enhance these offers.
According to a senior official from India’s Commerce Ministry, the current early harvest trade pact will centre around 10-11 areas. However, the more extensive economic partnership agreement will include a broader range of topics, such as goods, services, rules of origin, labour, environment, and digital issues.
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