Sitharaman Invites Canadian Investors To Explore India’s GIFT City, Digital Payments

New Delhi, Aug 26 (KNN) Finance Minister Nirmala Sitharaman has positioned India as a gateway for Canadian investors, highlighting the Gujarat International Finance Tec-City (GIFT City) and Unified Payments Interface (UPI) as key areas for deeper financial cooperation between the two countries.

Addressing a reception for members of the Indian diaspora and business community in Toronto on Wednesday, Sitharaman said India's scale, sustained economic growth, young population, rising consumption and expanding capital markets offer significant opportunities for Canadian investors.

She said GIFT City, India's International Financial Services Centre, is emerging as a global platform for international financial institutions, supported by a regulatory and tax framework designed for cross-border financial activity, reported ANI.

For Canadian institutional investors, GIFT City could provide opportunities to participate in India's growth while also serving as a platform for wider regional and global financial operations, she said.

UPI Offers Scope For Financial Cooperation

Sitharaman also identified UPI as a potential area of India-Canada collaboration, describing it as an important tool for financial inclusion, efficiency and innovation.

She said opportunities exist for cooperation with Canadian banks, fintech companies and regulators not only in digital payments but also in developing the next generation of digital financial infrastructure.

The minister described India-Canada relations as having undergone a significant transformation, supported by shared democratic values, expanding economic engagement, increased high-level interactions and strong people-to-people ties.

She termed the Indian diaspora in Canada a “strategic bridge” between the two countries, citing its growing presence in Canadian corporate leadership, financial markets and pension funds.

Bilateral Trade Ties Strengthen

Sitharaman recalled the reset in bilateral ties, noting that India and Canada reaffirmed a future-focused strategic partnership during the G7 Summit in June 2025.

She said Canadian Prime Minister Mark Carney's subsequent visit to India further advanced the relationship through the launch of negotiations for a Comprehensive Economic Partnership Agreement (CEPA), a CAD 2.6 billion uranium agreement with Cameco and a shared goal of more than doubling bilateral trade to CAD 70 billion by 2030.

Her visit to the US and Canada is focused on strengthening bilateral economic and financial partnerships, deepening investment linkages and advancing cooperation on shared global economic priorities.

According to Canadian government data, two-way merchandise trade between India and Canada reached CAD 10.9 billion in 2025, comprising Canadian exports of CAD 3.9 billion and imports from India of CAD 7 billion.

Canada's services exports to India stood at CAD 15.6 billion in 2024, registering a 16.3 per cent increase from the previous year.

(KNN Bureau)