Ties with India Vital for Canada
By A Correspondent
Speaking at this year’s Indo-Canada Chamber of Commerce's annual awards ceremony and gala, Joe Oliver, Minister of Natural Resources, talked about the importance of continuing the strong bonds between the two countries. He highlighted the importance of the natural resource sectors in bilateral trade and collaboration with India.
"Given that one in five jobs and more than 60 per cent of Canada's economy depend on trade, deepening our trade partnership with India is vital to Canada's economic growth," stated Minister Oliver.
"As India's need for energy, minerals, metals and wood products increases, Canada is well positioned to be a key supplier."
Natural resources already comprise half of all Canada's exports to India. Canadian exports to India have increased over 26 per cent last year, and that number is expected to rise as India's economy is expected to remain among the fastest growing in the world.
Canada is building strong ties with India to share science, technologies and trade through the Canada-India Energy Forum, memorandums of understanding and our annual bilateral merchandise trade agreements.
"The ties between India and Canada are steeped in history and rooted in friendship, and to these bonds we are adding new connections of commerce," said Minister Oliver. "We are negotiating a Comprehensive Economic Partnership Agreement that could fundamentally change the size and scope of two-way trade."
The Government of Canada is renewing Canada's regulatory system to improve Canada's ability to attract investment, create jobs, build long-term prosperity and encourage competitiveness. The Responsible Resource Development plan is founded on four main pillars: to make project reviews more predictable and timely while still maintaining thoroughness; to reduce duplication of project reviews; to strengthen environmental protection; and to enhance Aboriginal consultations.
Keynote speaker Phaneesh Murthy, CEO of iGATE, offered suggestions on how to reach the 2015 trade targets.
“There is significant opportunity for India and Canada to work together to benefit both countries economically and productively, to meet the combined annual trade target of $15 billion to be reached by 2015, as agreed to in 2009,” said Murthy. “India needs Canada's energy resources and expertise; Canada could benefit from leveraging India as its service hub, particularly in the area of information technology. As a global provider of IT, iGATE is committed to support this effort. Organizations like the ICCC, and events such as this - bringing together visionaries from both countries - is an excellent step along our path to success for this goal.”
Picture: (Top Right) Honourable Joe Oliver, Minister of Natural Resources
(Above Left) Phaneesh Murthy, CEO of iGATE