Canadian Investors Explore India Opportunity
MUMBAI, INDIA - Mr. Sanjay Makkar, President, Indo-Canada Chamber of Commerce (ICCC) led a high-level business delegation from Canada to the World Trade Centre Mumbai to interact with the trading community and explore collaboration opportunities.
The delegation consisted of members of Parliament of Canada and high profile businessmen representing sectors like life sciences, pharmaceuticals, healthcare, clean energy, education, agro & food processing, ICT, tourism and smart cities.
The interactive meeting was jointly conducted by WTC Mumbai and All India Association of Industries in association with the ICCC on January 15, 2016.
Mr. Jordon Reeves, Consul General of Canada in Mumbai, in his opening remarks, said, “India is emerging as an upcoming economy in the world while Canadian economic growth is gaining momentum. Both countries have great scope for co-operation in high-end technologies, infrastructure, renewable energy, education etc. Canada has huge natural resources in renewable energy, while India is the second most populous country and a fastest growing economy in the world. Considering this, the present level of bilateral trade ($6 billion) has scope for expansion”.
Canadian investors have made around $11 billion investment in India so far, much of which has been in 2015, Mr. Reeves informed.
He said there are research institutes, start-up companies, universities in Canada that have developed innovative technology solutions for businesses, which Indian companies seek to adopt.
Among all nations, India sent the largest number of students for higher studies to Canada in 2015. Presently, around 50,000 Indian students study in Canada.
Canada is a major exporter of uranium, providing scope for collaboration between Canada and India.
Canada can share its expertise in smart city technologies, waste-water management, urban planning and traffic management.
Canada supplies around 40% of lentils consumed in India. In the processed food sector, Canadian companies need to explore investment opportunities in India.
Mr. Makkar, in his speech, remarked that the Indo-Canadian relationship gained renewed momentum after Mr. Narendra Modi, Indian Prime Minister, visited Canada in 2015.
Mr. Makkar shared details of the fruitful business meetings and agreements inked during the 11-day trade missions conducted by the Chamber between January 4-15, 2016. These trade missions aim to enhance cross-border partnership of SMEs that constitute 40-50% of the Canadian economy.
Mr. Aditya Rasiwasia, Committee Member, All India Association of Industries, in his welcome address, informed that around 1.3 million Indians (3% of Canadian population) live in Canada. There is great scope for co-operation between India and Canada in the field of renewable energy at a time when the Indian government is implementing the Smart Cities project.
PHOTO: From (L-R in front row): Mr. Jordan Reeves, Consul General, Consulate General of Canada in Mumbai, Mr. Sanjay Makkar, President, ICCC, Dr. Yadnya Pitale, Joint Director-Research and WTI, WTC Mumbai (People behind are members of the delegation).
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