Commerce Minister Piyush Goyal met the chief executive of Neo Performance Materials in Toronto to expand India-Canada cooperation on rare earth processing and critical mineral supply chains.
The bilateral session occurred as both governments seek alternatives to concentrated Chinese refining capacity for magnets, batteries, and defence-related inputs.
Neo Performance Materials operates across the rare earth value chain, making it a logical partner for Indian industrial policy aimed at downstream manufacturing of electric vehicles and electronics.
Goyal’s Canada visit forms part of a broader trade diplomacy push after periods of strained Ottawa-New Delhi relations over political and security disputes.
Critical minerals diplomacy has moved to the centre of Indo-Pacific economic strategy, with officials framing secure supplies as national security priorities rather than routine commerce.
India has announced domestic exploration incentives and processing partnerships while still relying on imports for several refined rare earth products.
Canadian resource firms offer upstream materials and technical expertise that could complement India’s large consumption base and planned gigafactory investments.
The Toronto meeting did not immediately produce signed memoranda publicized to media, but officials described the conversation as exploratory for long-term joint ventures.
Analysts note that Canada-India mineral cooperation must navigate licensing, environmental review timelines, and investor concerns about geopolitical risk.
If talks advance, downstream Indian manufacturers could gain more predictable access to separated rare earth oxides used in permanent magnet production.
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Sources:
https://www.outlookindia.com/national/day-in-pics-may-27-2026