Published On:February 16 2009
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India eyes Canadian investment in key sectors
New Delhi: Mr Kamal Nath, Union Minister of Commerce and Industry, in his bilateral meeting with the Canadian Minister of Industry, Mr Tony Clement, said there are extensive opportunities available in India for joint ventures and investments by Canadian companies.
The opportunities are in sectors such as infrastructure, automobile, power generation, petroleum, mining, environment, said an official release.
India needs $480 billion investment in infrastructure in the next five years.
On Indo-Canadian cooperation, Mr Nath said, “India, which is among top producers of vegetables and fruits in the world, requires Canadian expertise in food processing sector, in terms of financial participation as well as technology. Other sectors where there is immense potential for cooperation include auto-parts and pharma.”
Bilateral trade between India and Canada has touched $3.2 billion in 2007-08, up 2.5 times from $1.4 billion in 2003-04.
However, FDI inflows to India from Canada has been $262 million during the last eight years (April 2000 to October 2008), which account for 0.27 per cent of the total FDI inflows.