After Canadian billionaire Prem Watsa, Brookfield Asset Management’s CEO Bruce Flatt has given a thumbs up to the Modi government’s steps to attract foreign investment in India. “I think more people will start to invest there. The government in India has been doing an excellent job of attracting and welcoming foreign investment,” Bruce Flatt told ET Now in Toronto. Asked about whether global factors such as an imminent rate hike by the US Federal Reserve would lead to flight of capital from India, Bruce Flatt said, “I think the opportunities to invest in India are excellent, so investment will continue to come”.
“We are long term investors and we have been in India for almost 10 years now. We are thrilled about the country and we will continue to invest over the next 3-5 years in various sectors. I am just saying 3-5 years, but we will be in India forever,” he said. “We have invested over $2 billion in the last few months and expect to invest more in the coming months. We have four businesses globally, real estate, power, infrastructure and industrial businesses. We are looking at these sectors in India and have already invested in most of them,” Flatt added.
Watch: Brookfield Asset Management’s CEO Bruce Flatt on government’s initiatives
Prime Minister Narendra Modi seems to have caught the attention of global investors quite effectively, with CEOs and founders of renowned companies betting big on India and crediting the government for moving to improve business conditions. Prem Watsa the CEO and founder of Canada-based Fairfax Financial Holdings, has said that PM Narendra Modi is doing a great job and should be re-elected. “Mr Modi is a very hard working man. He has eliminated corruption at the top and I think he is going to do a wonderful wonderful job over the years. I am hoping he will be re-elected in a few years and re-elected again and India will be transformed during that time,” he said.
Recently, Jamie Dimon, the CEO of JPMorgan Chase and one of the world’s most influential bankers was all praises for PM Modi’s initiatives. “To the Indian people I would say that you have the fastest growing economy in the world. There are some fabulous companies here, great education, and a Prime Minister who is making all the right moves. This is a great country,” Dimon told CNBC-TV 18.
The Narendra Modi government has been working to position India as a leading destination for global investment, and the recent slew of reforms such as GST and Bankruptcy Law, apart from an improvement in the Ease of Doing Business rankings are some steps in the right direction. The endorsement from global and influential CEOs may go a long way in attracting investment to the country.