Canadian equity investments top $20 bn in a decade

Mumbai, Jan 9 (PTI) Canadian funds/firms have pumpedin a full USD 20 billion into the country, mostly by way ofequity funds over the past decade alone, while bilateral tradeis clipping at 30 per cent, both are going to get a fillipwith the new bilateral pact, says an official.Fund inflows are set for acceleration with the signingof the much-awaited of the Foreign Investment Promotion andProtection Agreement (FIPA) by the two nations which willfurther boost investor investment, Canadian consul general inMumbai Jordan Reeves said."Canada's investments in India have touched USD 20billion by way of equity funds in a short span of 10 years.Several pension funds and institutional investors are lookingat more investment opportunities here, including on projectfinancing," Reeves said.Addressing an interactive meeting with businessmen anda 25-member visiting Canadian business delegation here latelast evening, Reeves said with the increased focus on multiplesectors bilateral trade will jump.He said the FIPA and on conclusion of the ongoing freetrade agreement (FTA) talks there is no looking back oninvestments and trade opportunities."Bilateral trade is currently estimated at USD 8billion and we expect it to touch USD 16 billion by 2020 andCanada can provide its advanced technology in advancemanufacturing, clean technology, infrastructure sectors aswell as education and tourism sectors," Indo-Canada Chamber ofCommerce president Kanwar Dhanjal said addressing thegathering, adding trade is growing at 30 per cent annum.Canadian Prime Minister Justin Trudeau's forthcomingvisit in February is also expected to boost bilateralpartnership in many sectors, he added.Nearly 1,000 Canadian companies, which include FairfaxFinancial promoted by NRI Prem Watsa, Brookfield, Bombardier,CGI Montreal, McCain Foods, Sun Life Financial, Amdocs, Bankof Nova Scotia are already doing business here while severaldomestic companies like TCS, Infosys, SBI, ICICI Bank, Wipro,Tech Mahindra, Aditya Birla Group, and Essar Steel amongothers are active in Canada.Exports to Canada is estimated at USD 2 billion whichincludes gems, jewellery and precious stones, pharma,readymades, textiles, organic chemicals, light engineeringgoods, and iron & steel articles, while imports includepluses, newsprint, wood pulps, asbestos, potash, iron scraps,copper, minerals and industrial chemicals worth USD 4.13billion.The FIPA will provide greater predictability for andcertainty to Canadian investors, Dhanjal said, adding there istremendous opportunities to work in the areas of energy,renewable energy and solar.Having the third largest crude oil reserves in the world along with large gas reserves, Canada is looking forward for Indians to partners in these areas.

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