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India seeks greater Canadian investment
By agencies
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Thursday, 07 April 2005, 19:30 IST
NEW DELHI:India has asked Canadian buinessmen to step up investment in the country and assured them that the government was committed to carrying forward the economic reforms process. "Bilateral trade between the two countries is less than $2 billion.
Canadian investment to India too is the lowest among the G-8 countries. There is a need to reverse this trend," Commerce Minister Kamal Nath said at a meeting with a visiting high-level Canadian trade delegation led by Minister of International Trade James S Peterson.
India offered immense potential for investment in sectors such as pharma, infrastructure, energy, IT and biotech, Nath said. Indian investment in Canada was also rising, he said, adding that IT firms like Infosys, TCS and Wipro were among those which had already set up offices in the north American nation.
Underlining the need to improve bilateral economic relations, Peterson said the delegation was focusing on five main areas of infrastructure, energy, financial services, agro foods and information and communication technology. The two sides seek to set up an India-Canada CEOs Forum as part of efforts to enhance trade and investment, Peterson said.
The two ministers also discussed WTO issues, Nath said, adding he acknowledged the deep understanding that Canada had of issues that concerned India, especially those relating to agriculture. Indian imports from Canada increased 8.7 percent to $733 million in 2003 from $674 million in 2002. Indian exports to Canada rose to $1.4 billion in 2003 from $1.3 billion in 2002.