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Bilateral investment talks with Canada conclude

Jun '07
A bilateral trade target of US $ 10 billion annually in goods and US $ 10 billion in services, set by the India-Canada CEOs Roundtable at its first meeting in New Delhi last March, was reaffirmed by participants at the second meeting of the Roundtable which was held in Montreal.

Shri Kamal Nath, Minister of Commerce & Industry, who participated in the Roundtable along with the Prime Minister of Quebec Mr. Jean Charest, told the CEOs that India and Canada must seize this opportunity to significantly increase two way trade and investment flows and suggested that alongside the target of US $ 10 billion each annually in bilateral goods and services trade to be achieved in 5 years, India and Canada should work to achieve US $ 5 billion a year in bilateral investment flows by 2012.

He also expressed the hope that the completion of the Doha Round of WTO negotiations would go a long way in liberalising and enhancing trade and investment flows between the two countries.

“It is heartening that in the last few months, Indian investment in Canada has picked up substantially. Last February, the Aditya Birla Group company Hindalco acquired Novelis for around US $ 6 billion."

In April, the Essar Group acquired Algoma Steel for US $ 1.7 billion. Last year, the Tata Group had acquired Teleglobe, a telecommunications company, and the Birlas Minacs Worldwide, a BPO firm. This trend is likely to continue.

"I also hope that more Canadian companies will invest in India, to exploit the synergies that exist between the two sides”, the Minister said.

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