An interactive meeting with Indo-Canada Chamber of Commerce (ICCC) along with a 25-member high-level business delegation from Canada representing sectors such as agro and food processing; ICT and advanced manufacturing; logistics; financial services; business immigration and education and skill development, was organised by World Trade Centre in association with All India Association of Industries Mumbai on January 8, 2018.
Mr. Jordan Reeves, Consul General of Canada, Consulate General of Canada in Mumbai who helped facilitate the event said, “Canada’s investment in India in a short span of 10 years is $20 billion by way of equity funds which is an incredible story. Trade with India is increasing 30% year-on-year besides the Foreign Direct Investment (FDI). Today, trade is over $8 billion and more than 1000 companies from Canada are doing business with India”.
Mr. Reeves further stated that there are 1.3 million Indians staying in Canada. There are tremendous opportunities to work in the areas of energy, renewable energy, solar etc. Canada has third largest crude oil reserves and long-term gas reserves. Canada is looking forward for Indians to partners in these areas. India is one of the biggest importers of Oil and Gas, having joint ventures with Canadian counterparts is beneficial to both added Mr. Reeves.
Canada has also signed an MoU to supply Uranium to India besides looking at partnership in defence equipment, services and textiles. Further, Foreign Investment Protection Agreement (FIPA) and Free Trade Agreement (FTA) negotiations between India and Canada if concluded earlier would only result in investment and trade opportunities stressed Mr. Reeves.
Mr. Kanwar Dhanjal, President, Indo-Canada Chamber of Commerce (ICCC) and leader of the trade mission to India, said that the trade mission to India has become an important annual event in the Chamber's calendar. It is the time when the Chamber fulfills its objectives of fostering bilateral trade relations between Canada and India and simultaneously also creating business and professional opportunities for the Canadian small entrepreneurs. The two-week multicity trip to India focuses on multiple sectors that are or are likely to be significant to the bilateral trade between the two countries.
Mr. Dhanjal further added that another indication of why India remains the focus of the world's investors was mentioned in a recent Bloomberg report. Foreign investors are flocking to the Indian capital markets in a big way with a net inflow of over $30 billion of so-called hot money in 2017 with equities alone getting over $8 billion - an amount bigger than the cumulative investment of the previous two years. As the year draws to a close, the Indian stock market seems to have regained its status as one of the most favoured destinations for foreign portfolio investors. A sharper turnaround was seen in 2017 in terms of Foreign Portfolio Investment (FPI) inflows into debt markets where the net investments soared to a staggering $23 billion. ICCC during its four-decode existence, promoted the idea of Canada casting trade net wider than just focusing to the south, where undoubtedly the market is humungous. Now is really the time for Canada to rapidly expand its trade relations with India and achieve a quantum leap by attempting to reach a three-year old target of bilateral trade worth $15 billion stressed Mr. Dhanjal.
Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai said, “India and Canada share a close and dynamic relationship. India-Canada bilateral trade currently stands at $8 billion which has scope to increase to $16 billion in the next 3 years. India has a growth rate of 6.5 per cent and is expected to grow to 7.5 percent in the next year and Canadian companies can seize this opportunity to forge collaborative efforts in areas such as automobiles, textiles, pharmaceuticals, shipping and logistics, tourism, film shooting etc”. Mr. Kalantri suggested setting up of a reciprocity cell to facilitate Canadian SME sector to identify right partners in India.
In photo from (L-R): Mr. Kanwar Dhanjal, President, Indo-Canada Chamber of Commerce, Mr. Kamal Morarka, Chairman, MVIRDC World Trade Centre Mumbai, Mr. Jordan Reeves, Consul General of Canada, Consulate General of Canada in Mumbai and Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai.