KAMAL NATH CALLS FOR INCREASING BILATERAL AND INVESTMENT COOPERATION BETWEEN INDIA AND CANADA
Date : 08 Nov 2007
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce and Industry, has called for greater Canadian investments into India. Stating that India is having a huge work force with an increasing manufacturing base offering vertical linkages, the Minister stressed that it offers an ideal platform to establish business-to-business contacts with progressive Indian SMEs. This he indicated when Hon. Rona Ambrose, Minister of Intergovernmental Affairs, Minister of Western Economic Diversification and President of the Privy Council of Canada met him here last evening. During the meeting, both sides agreed to step up their bilateral and investment cooperation.
Referring to the proposal for Free Trade Agreement made earlier this year, Shri Kamal Nath informed that the same is currently under examination by the CEO’s Council. He further informed that the Bilateral Investment Promotion Agreement between India and Canada is expected to be signed soon. Both sides agreed that there is substantial cooperation needed in the area of science and technology. Shri Kamal Nath also raised the issue of business visas for the representatives of Indian companies to participate in trade shows being organised in Canada.
India’s exports to Canada during 2006-07 was US $ 1110.40 million while imports from Canada was US $ 1777.41. Major commodities of exports to Canada include RMG cotton including accessories, drugs, pharmaceuticals & fine chemicals, manufactures of metals, machinery and instruments and gems & jewellery while the major commodities of imports from Canada are transport equipments, pulses, Metalifers ores & metal scrap, fertilisers manufactured and newsprint.