The main sectors in Canada that had potential for Indians to tap were Information and Communication Technology, environment technology, mining, oil and natural gas, life sciences, and agriculture and agricultural food, D.P. Vittal, Trade Commissioner, Canadian Trade office, Bangalore, has said.
Speaking to The Hindu after a seminar on “Doing Business With Canada” organised by the EEPC India here on Saturday, he said that during the last two years the number of students going to Canada for studies had increased and Canadian institutions were setting up facilities here. Canada was now importing mainly through the U.S. and the European Union. The focus was on India now to increase direct imports.
Small and Medium-Scale enterprises were the backbone of the economy in both the countries. Hence, trade could be enhanced between the sectors in the two countries. It was a net exporting country and potential was huge for component and parts manufacturers. Canada had eight trade and investment centres in India.
Gaurab Majumdar, Deputy Director of EEPC India, said road shows would be held in Bangalore, Hyderabad and Chennai too. An India Show would be held in Mumbai in March and the EEPC India was considering having Canada as the partner country. Seven of the 10 provinces in Canada would bring delegations to the fair in October and the Indian delegation would also visit four provinces.
M. Ganesan, Regional Director, EEPC India, said Canada had declared 2011 as the year of India. The annual bilateral trade between India and Canada now was five billion dollars and the aim was to increase it to 15 billion dollars by 2015. Engineering products were 43 per cent of the current Indian exports to Canada.
About 170 Indian companies would participate at the India Show to be held at Canadian Manufacturing Technology Show to be held in Toronto from Oct. 17 to 20, 2011. At least 50 of them would be from South India.
The potential was huge for agricultural equipment, health equipment, automobile components, castings, moulds and dyes, motors, valves, mould and dyes, and power equipment. The stall cost was nearly Rs. 3 lakh and the participants would have to pay only Rs. 85,000. The freight cost to transport the products and equipment for the event would be provided by the Union Government. Some public sector units and State Governments were also expected to participate. EEPC India would sign Memorandum of Understanding with Chamber of Commerce in Canada during the visit.
Jagat Shah, Trade and Investment Representative, Government of Manitoba, Canada, and K. Kasthurirangaian, Functional Committee Chairman of EEPC India for Coimbatore, also spoke.
Keywords: India-Canada bilateral trade