CII, Canadian delegation discuss bilateral trade
India, Canada must collaborate to reap untapped potential: CII
The Voice of Chandigarh News
Photo By T S Bedi
A delegation from Indo-Canada Chamber of Commerce led by Kanwar Dhanjal, President, Indo-Canada Chamber of Commerce interacted with CII members to explore trade opportunities for Indian businessmen in Canada. Members of the delegation highlighted the pro-investor policies and facilities on offer for Indian business enterprises to set up their businesses in Canada and assured of all out support to future investors from India to Canada.
Speaking on doing business in Canada, Kanwar Dhanjal, President, Indo-Canada Chamber of Commerce, said, “The present trade which is in the range of $ 8 billion is much below its potential and there is a need to conclude Comprehensive Economic Partnership Agreement (CEPA) and Foreign Investment Protection Agreement (FIPA) in a time-bound manner for ensuring higher levels of trade in goods and services.”
Further he informed that in the infrastructure space, Canada can share its expertise in smart city technologies, waste-water management, urban planning, traffic management etc. Agriculture and food processing are also potential areas for co-operation between both the countries.
Members from CII and Indo Canada Chamber of Commerce can collaborate and interact for exploring mutual business opportunities, he added. Increase in investment on both fronts can only be achieved through trade delegation visits opined Dhanjal. “We will be happy to host a delegation of MSME Units from Punjab, Haryana and Chandigarh region to explore areas of mutual business collaboration.”
Sarvjeet Singh Virk, Director, Finvasia India Pvt Limited, said, “Canada has a sound financial system, rated first in the world, and it did not experience a banking crisis during the global recession of 2008-2009, despite economic integration with the United States, demonstrating the strength of Canadian regulation. There is increasing demand in India for services such as wealth management, asset management, pensions and insurance. Canadian insurance industry has welcomed India’s plans to open the door to greater foreign direct investment in insurance sector.”
J B S Sangha, Proprietor, Beas Cold Storage, said, “I feel both Punjab and Canada should have a strategic alliance in the area of Agri skill development, agriculture, nutrition and bio-technology which can be of win win proportions for both sides. Both Punjab and Canada should start exploring potential for mutual cooperation in agriculture and animal husbandry, in food technology, food processing, nutrition and agri bio-technology wherein they will benefit mutually from technology transfer, cooperation and support.”
Highlighting the scenario of Canadian Investments in India, Babu Khan, Regional Director, CII Northern Region, said, “Canada has a relatively low presence in India, which both countries need to work on strengthening. Small and medium enterprises, which comprise up to 86% of the service providers in Canada, can also find opportunities in the growing Indian market. India is witnessing growth across various sectors like energy, environment, infrastructure, telecommunication, transportation and information technology, which are among Canada’s core strengths. India hopes to see investments from Canada rising and gaining momentum, which will help infuse capital into sectors crucial for India’s development.”
Rohit Grover, Chairman, CII Chandigarh Council and Managing Director, JREW Engineering Limited, said, “The manufacturing sector has the potential to grow six fold by 2025 up to $ 1 trillion, creating up to 90 million jobs in the process. The world is moving towards industry 4.0, India will have to adopt and adapt new technologies. Adoptions of advanced manufacturing technologies will be vital to gain competitiveness in cost, speed, innovation and quality.”
The delegation is also looking at establishing linkages with local businesses especially in Pharmaceuticals, Agri & Food Processing, Manufacturing, Information Technology, etc. besides partnerships in businesses and Industry.