Trade with India Up By 30%, Says Canadian Envoy
Joint ventures are planned in fields of renewable energy, urban infrastructure and education, Canada's High Commissioner Nadir Patel said.
Trade between Canada and India has increased by 30 per cent, Nadir Patel, the country’s High Commissioner in New Delhi, said. Canadian investment in India has also exceeded $15 billion, he said.
“We see a lot of potential here. There have been a lot of reforms when it comes to trade and commerce, infrastructure and ease of doing business. We should make our presence felt here in a much greater way,” Patel during an event at the Indian Chamber of Commerce in Kolkata on Jan. 5, Millennium Post reported.
A Memorandum of Understanding was signed between the Indian Chamber of Commerce (ICC) and the Indo Canadian Business Chamber (ICBC) to further boost bilateral co-operation to promote trade and multilateral relations, IANS reported.
During the event, Gujarat-born Patel, 44, said that West Bengal has enormous potential for Canadian companies who are already operating in India. He added that a 24-member high-level delegation will be sent at the Bengal Global Business Summit, scheduled to be held on Jan. 16-17.
About 400 Canadian companies currently have bases in India. Patel added that more IT companies from Canada will come to India, with around 20 IT parks coming up in Bengal. “Plans are afoot for joint ventures in the field of renewable energy, urban infrastructure, education etc.,” he said.
While three non-stop flights are already flying between India and Canada, there has been a major boost to tourism and educational ties between the two countries.
In 2017, Canadian investors like Brookfield Asset Management Inc. and Canada Pension Plan Investment Board signed various deals with India for mobile-phone towers, office properties, and distressed debt, Bloomberg had reported earlier. In 2016, Canadian investment group Fairfax pumped in $321 million for Bengaluru international airport.
In 2016, foreign direct investment (FDI) from Canada to India reached an estimated $14 billion after long-term investments in the country were viewed favorably by large asset management companies and pension funds. In the first half of 2017, Canada Pension Plan Investment Board, which is among the world’s largest pension groups, became India’s top investor in real estate, entering two deals worth $750 million collectively, according to an earlier Livemint report.
However, the boost in efforts notwithstanding, Canada remains India’s 23 biggest investor, according to the Department of Industry and Policy Promotion (DIPP) under the Ministry of Commerce and Industry. New Delhi is its largest trading partner in South Asia.