Ministry of Urban Development has said that Canada has shown interest in investing its pension funds in urban development and infrastructure projects in India. In this regard, High Commissioner of Canada Nadir Patel has met Urban Development Minister M Venkaiah Naidu and is likely to open its office in Mumbai next month.
Patel said that Canadian government is having about $750 billion of pension fund and is looking vast investment opportunities which are now present in India in new urban sector initiatives and infrastructure development. Additionally, Canada has also shown interest in sharing its experience of building smart cities with the states and urban local bodies in India, as Canada has vast experience of building smart cities.
Canada has successfully implemented public-private- partnership projects with a separate organization 'PPP Canada' which could benefit Indian authorities. Moreover, Patel informed that Canadian government is mulling to enter into a bilateral investment policy agreement with India.