Kolkata, Dec 28 (UNI) Canadian High Commissioner to India David Malone today stressed on the importance of proper understanding of the Indian market among Canadian companies to improve investment and trade opportunites here.
Speaking at an interactive session on "India-Canada: A Study in Contrast", Mr Malone emphasised on bilateral trade and investment between the two countries.
He admitted that Indian companies have invested in Canada, but Canadian companies have not reciprocated with investments here as they could not find ventures "profitable" enough.
Avoiding giving any specifics about investment, Mr Malone said it is the trend line that matters and that has increased from a 15 per cent in 2006 to 20 per cent in 2007. ''Although we can say that there has been a total bilateral trade of about 3.6 USD this year, but I must add that these statistics are very unreliable,'' he said.
''Canadian private sector, including the NRIs, do not understand the current scenario in Indian market and fail to judge the economic growth in this country. So they are reluctant to invest here, especially in presence of a good investing market in US,'' Mr Malone said and also added that Canadian companies are not as enterprising as those in India.
He also out examples of Indian companies taht have invested in Canada like Hindalco that has taken over Novella, SR which took over Algoma, and other JVs that Indian companies like TCS and Birla have entered with Canadian companies.
Stressing on need for cross investment between Canada and India, Mr Malone said there are various sectors in which Canadian companies can think of investing namely, mining, infrastructure development, oil and gas and even the film industry.
He explained that being under Colonial domination, Indian economy could not grow freely.