Much scope for strengthening Indo-Canadian trade: Bachand

Mumbai, Nov 20 (UNI) Canada Economic Development, Innovation and Export Trade Minister Raymond Bachand has urged for strengthening the Indo-Canadian trade relationship.

Addressing a CII-organised luncheon session with industrialists here today, Mr Bachand said, ''Quebec is a great place to invest and do business, particularly in fields of science and technology, pharmaceuticals, agriculture and others.'' Mr Bachand's visit to India follows the visit of the Canadian premier early this year.

Highlighting the features of Quebec, he said it was a research and development hub with 70 per cent of the total R&D work in Canada being carried out in Quebec alone. Investment in information technology had already crossed 800 million USD in Quebec, he informed.

Quebec is home to around 2000 international subsidiaries that account for about 50 per cent of the province's exports, Mr Bachand said while stressing that there was tremendous scope for Indian industrialists to invest in Quebec.

Defining free trade in today's terms, he said it must mean liberalisation of rules and regulations by the government of the countries to promote investments in business.

Speaking on the occasion, former CII western region chairman Pradeep Mallick informed that bilateral trade between India and Canada has grown by 12 per cent during the current year as compared to the volume of trade of 1.6 billion USD in 2003. Yet, this volume was just ''peanuts'' and trade between the two nations needs to be further strengthened, he said. Chairperson, CII Maharashtra Council&Director, Strategic Alliances&Communications, Nicholas Piramal India Ltd, Dr Swati Piramal, was also present on the occasion.

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