Govt calls for greater Canadian investment into India

New Delhi, Nov 8 (UNI) Commerce and Industry Minister Kamal Nath has called for greater Canadian investments into India, saying the Bilateral Investment Promotion Agreement between India and Canada is expected to be signed soon.

India, having a huge work force with an increasing manufacturing base offering vertical linkages, offers an ideal platform to establish business-to-business contacts with country's progressive small and medium enterprises (SMEs), Mr Nath said when he met Mr Rona Ambrose, Minister of Intergovernmental Affairs, Minister of Western Economic Diversification and President of the Privy Council of Canada here last evening.

During the meeting, both sides agreed to step up their bilateral and investment cooperation, an official statement said.

Referring to the proposal for Free Trade Agreement (FTA) made earlier this year, Mr Nath said the same is currently under examination by the CEO's Council.

Both sides agreed that there is substantial cooperation needed in the area of science and technology. He also raised the issue of business visas for the representatives of Indian companies to participate in trade shows being organised in Canada.

India's exports to Canada during 2006-07 was 1,110.40 million dollars, while imports from Canada was 1,777.41 million dollars.

Major commodities of exports to Canada include RMG cotton including accessories, drugs, pharmaceuticals&fine chemicals, manufactures of metals, machinery and instruments and gems&jewellery while the major commodities of imports from Canada are transport equipments, pulses, Metalifers ores&metal scrap, fertilisers manufactured and newsprint.

UNI