India–Canada Ties Enter a Next-Level Partnership: PM Welcomes Prime Minister Mark Carney to India

The Right Honourable Prime Minister Mark Carney,
Distinguished delegates from both countries,
Friends from the media,
Namaskar!

It gives me great pleasure to welcome Prime Minister Carney to India. This is his first visit to India as Prime Minister, and we view it as an important milestone.

Last year, at the G7 meeting held in Canada, he warmly welcomed me and my delegation. Today, it is my privilege to welcome him with the same warmth and goodwill. There are very few people in the world whose CVs record leadership of central banking institutions in two countries.

From our very first meeting, our relationship has been infused with new energy, mutual trust, and positivity. I give credit to my friend Prime Minister Carney for the growing momentum in cooperation across every sector.

Friends,

India and Canada share an unwavering faith in democratic values. We celebrate diversity. The welfare of humanity is our shared vision, and it is this vision that inspires us to move forward in every field. Today, we discussed transforming this vision into a Next Level Partnership.

Our goal is to increase bilateral trade to USD 50 billion by 2030. Unlocking the full potential of economic cooperation is our priority. Therefore, we have decided to finalize the Comprehensive Economic Partnership Agreement at the earliest. This will create new opportunities for investment and employment in both countries.

Canadian pension funds have invested USD 100 billion in India. This reflects their deep confidence in India’s growth story.

Today, we will also meet business leaders from both countries. Their insights will help shape the roadmap of our economic partnership.

Friends,

In technology and innovation, we are natural partners. Through the Canada–India Innovation Partnership, we will turn ideas into global solutions.

I thank Prime Minister Carney for Canada’s valuable contribution to the success of the AI Impact Summit held in India last month. Along with AI, we will expand cooperation in quantum technologies, supercomputing, and semiconductors.

The Memorandum of Understanding signed today on Critical Minerals will strengthen resilient supply chains. In the space sector, we will connect startups and industries from both countries.

Friends,

For Prime Minister Carney, the environment has never been a separate agenda; it has been integral to economic stability. In the energy sector, we are building a Next Generation Partnership, with special emphasis not only on hydrocarbons but also on renewable energy, green hydrogen, and energy storage.

We are pleased that Canada has decided to join the International Solar Alliance and the Global Biofuel Alliance. To further advance our shared efforts, we will organize the India–Canada Renewable Energy and Storage Summit later this year.

In civil nuclear energy, we have concluded a landmark long-term uranium supply agreement. We will also work together on Small Modular Reactors and advanced reactor technologies.

In agriculture, value addition, agri-technology, and food security are our shared priorities. In this direction, an India–Canada Pulse Protein Centre of Excellence will be established in India.

Friends,

Growing cooperation in defence and security reflects the deep mutual trust and maturity of our relationship. We will work to expand collaboration in defence industries, maritime domain awareness, and military exchanges. With this objective, we have decided today to establish the India–Canada Defence Dialogue.

Friends,

People-to-people ties are the true strength of our relationship. Today, we have taken several important decisions to further strengthen them. New partnerships are being announced between universities in areas such as AI, healthcare, agriculture, and innovation. We have also agreed to allow Canadian universities to open campuses in India.

Indigenous and tribal communities are an important part of our shared cultural heritage. To promote cultural exchanges, an MoU has been signed between the two sides today.

Friends,

For India, Canada is an important partner in the Indo-Pacific. We welcome Canada’s interest in becoming a Dialogue Partner in the Indian Ocean Rim Association. This will add new depth to our maritime cooperation.

We agree that terrorism, extremism, and radicalization are shared and serious challenges—not only for our two countries, but for all humanity. Our close cooperation against these threats is vital for global peace and stability.

India’s position on the many tensions unfolding around the world has been clear. We have always called for peace and stability. When two democracies stand together, the voice of peace becomes even stronger.

The current situation in West Asia is a matter of deep concern for us. India supports the resolution of all disputes through dialogue and diplomacy. We will continue to work with all countries to ensure the safety of Indian citizens present in the region.

Excellency,

Your visit has infused new strength into every area of our cooperation. I once again extend my heartfelt appreciation for your deep commitment to India and your far-sighted vision.

Thank you very much.