Pitching for higher Indian investments in Canada, David Johnston, Governor-General of Canada, said the Canada-India Nuclear Cooperation Agreement, which will allow firms to work together to supply materials, equipment and technology, is a positive move for the two countries.
Addressing a joint meeting with industry chambers — Assocham, CII, and FICCI — here on Monday, Johnston said Canada is helping India meet its food security objectives. The opportunities to collaborate exist in food storage and processing, as well as in cold chain distribution.
“Energy security is another area in which we are working together. Canada supplies India with a modest but growing supply of petroleum, and great potential exists for Canada to become a supplier of liquefied natural gas (LNG). We also have expertise in nuclear, hydro, solar and wind energy,” he added.
Canada investment in India totals $644 million, while Indian investment in Canada is valued at $3.7 billion in areas such as education and innovation, infrastructure, and food and energy security, said Johnston.
“We sincerely hope that India and Canada work out a mutually acceptable Comprehensive Economic Partnership Agreement to give this multifaceted relationship a new fillip and reach bilateral trading volumes of $15 billion by 2015,” said Assocham President Rana Kapoor.
Sidharth Birla, President, FICCI, said, Canada could also see investment from Indian hydrocarbons majors, especially in LNG export-related infrastructure. Shale gas has improved attractiveness of Canada’s fertiliser industry and is an interest area for Indian investment.