The relations between the two countries saw some bitterness last year following Canadian Prime Minister Justin Trudeau’s allegation about India’s suspected involvement in the killing of Khalistani separatist and designated terrorist Hardeep Singh Nijjar in his country. India denied the allegation as absurd.

Admitting that “the past few months have been a time of some tension between the two countries,” Mackay stated, “But I am really encouraged, by the leadership and the vision that business leaders here in the audience today and outside the room, to continue the trade and investment relationship that we’re growing quickly to make both our countries more prosperous. These growing commercial ties will support job creation. They’ll support technology partnerships, prosperity of both of our countries, which is what the young people in our country need more than anything.”

The commissioner urged everyone to let “businesses do business”. “So, everybody get together and talk about how you can work together better, once again to make our businesses and nations more prosperous… I have no doubt that in 2024… is going to be an even better year for the business-to-business relationship between the two countries. Things can only get better between the two governments,” he said.

Mackay also downplayed the diplomatic tensions when asked if it would affect Canada’s education sector. “There is a very strong relationship in the education sector between Canada and India, and I anticipate that will continue. Canada is a great place to study. There is no question about that and will see that grow in the future,” Mackay told The Indian Express on the sidelines of the session.

“It is not only about student flow, but also about academic co-operations. Co-operation between institutions has been very strong historically. I anticipate this to continue and strengthen in the future,” he added.

When asked if Canadian universities are looking to set up their campuses in GIFT City and other parts of India, he said, “Certainly. Canadian universities are coming to India to explore opportunities”.

Mackay emphasised that, currently, the Canada-India commercial relationship is valued at more than $130 billion, led by the Canadian portfolio investment of $85 billion into India. Listing out pension, asset management and private equity companies, he stated that these firms are investing heavily in India and have big plans in the future for infrastructure, renewable energy, clean technology and real estate. “It really is a story of Canadian capital helping to build the new India,” he added.

“To trade in goods and services also, as last year, (the value) stood at a record $22 billion in two-way foreign direct investment. We have more than 100 Indian businesses established and doing business in Canada and more than 600 Canadian businesses established in doing business in India,” he stated.

He added that there was much more the countries could do in the aerospace sector. “So, everything from aerospace to high tech to infrastructure, to agri food, you name it, there’s more than we can and should be doing,” he said.