Canada is looking forward to fostering stronger trade ties with India when the Comprehensive Economic Partnership Agreement (CEPA) comes into force.
Negotiations on CEPA are in advanced stages. “Under the dynamic leadership of Prime Minister Narendra Modi, things are poised to get better, aided by pacts like the Foreign Investment Protection and Promotion Agreement,” said Canadian Consul-General (Bangalore) Sidney Frank.
Addressing a session on ‘Doing Business in Canada’, organised by the Confederation of Indian Industry (CII) here on Wednesday, Mr. Frank said Canada offered tremendous opportunities to Indian companies in multiple sectors, and with the new government in place, bilateral trade was bound to rise from the present $ 5.80 billion to $ 15 billion by 2016.
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“Canada is rated as one of the safest destinations in the world, and it registered the highest growth rate among the G-7 countries in spite of global recession. It is strong in infrastructure, energy and several other fields, which India can fully explore,” he added.
Research and development is one area where Canada is second to none, and it has been illustrated by the fact that very few international space stations work without a component of artificial intelligence developed by the North American country, Mr. Frank said.
A.P scenarioADVERTISEMENT
The Consul-General said these were “exciting times” in Andhra Pradesh, as Chief Minister N. Chandrababu Naidu had pointed out and that the Canadian government was keen on partnering with the State government in its development over the coming years. Mr. Naidu made good presentations to a Canadian delegation that met him a few days ago and the economic prospects in the State will be duly followed, he added.
Senior Trade Commissioner Stanley Gomes said Canada and India shared a historic trade relationship, and they were rightly focusing on strengthening bilateral trade these days when labour and capital were mobile like never before.
In his welcome address, CII Vijayawada Zone Chairman V.V.M. Krishna suggested to the Canadian team to explore the business opportunities in KGPG (Krishna-Godavari-Prakasam-Guntur) corridor.