According to reports, India and Canada want to triple their bilateral trade and are banking on alliances and investments in energy sector. Both countries are aiming at increasing bilateral trade to $ 15 billion by 2015 from $ 4.2 billion in 2010.
Canadian minister for international trade and the Asia Pacific Gateway Edward Fast is on visit to India to interact with local industrialists. He met representatives from Essar, Adani, Suzlon and various state ventures in Ahmedabad today. “We have just scratched the surface and the bilateral trade can grow beyond $ 15 billion by 2015 if we do our groundwork well. We understand that comprehensive economic partnership agreement between the two will infuse confidence among Canadian investors to come to India. In December, Canada and India will kick off the third round of negotiations towards the agreement,” said Fast. While addressing industry members at Gandhinagar, he added that the proposed agreement will result in GDP growth of close to $ 6 billion. Bombardier, Niko, GeoGlobal Resources and McCain Foods are some of the Canadian companies that are present in Gujarat.
Pandit Deendayal Petroleum University hosted the meet on behalf of the government of Gujarat. Referring to the existing alliances between Gujarat and Canada, principal secretary of energy & petrochemicals DJ Pandian said, “Binding between Gujarat and Canada is not new. Through its partnership with Canadian companies Niko Resources and GeoGlobal Resources, the state venture Gujarat State Petroleum Corporation (GSPC) found gas in Hazira and KG Basin. Canada has vast experience in dealing with renewable energy and Gujarat would like to benefit from the same to meet its target of producing 20% of its energy requirements from the environment friendly means.” Hydropower accounts for more than 72% in Canada’s electricity basket.
Meanwhile, Essar Group and the state venture Gujarat Narmada Valley Fertilizer Company suggested the Canadian envoy to assess the viability of exporting gas to India from Canada that has vast natural resources. Essar Group representative also suggested Canadians to offer suitable solutions for waste management. Suzlon Energy expressed its eagerness in wind power policy of Canada to expand its footprint through its recently acquired RE Power. Adani Power sought more involvement of financial institutions of Canada to support Indian infrastructure projects. It also called for Canada’s participation in water management projects in the country. Fast stressed on increasing cooperation between the two countries for food security through technology transfer. He also met Gujarat chief minister Narendra Modi with delegation consisting of Canadian companies and diplomats.