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Bengal Chamber organises B2B meeting with Indo-Canada Chamber of Commerce

Bengal Chamber organises B2B meeting with Indo-Canada Chamber of Commerce

India Blooms News Service | | 09 Jan 2017, 05:23 pm
Kolkata, Jan 9 (IBNS): The Bengal Chamber on Friday organized a B2B meeting with the delegation of The Indo-Canada Chamber of Commerce here.

The objective of this trade mission is to strengthen the bilateral Trade relationships between Canada and India.

The delegation members of the Indo-Canada Chamber has intended to visit  7 Indian cities-Mumbai, Kolkata, Hyderabad, Bengaluru, Gandhinagar, Ahmedabad and New Delhi.

After the recent visit of PM Narendra Modi to Canada, the two sides agreed to elevate the bilateral relations to a strategic partnership.  India-Canada bilateral relations have seen a transformation in recent years underpinned by shared values of democracy, pluralism, expanding economic engagement, regular high level interactions and long-standing people-to-people ties.

Over the past decade, Canada and India have witnessed a remarkable growth in two-way trade and investment, people-to-people ties and bilateral cooperation.

The two-way trade has increased from C$ 4.2 billion in 2010 to C$6.4 billion in 2014 and again by 29% to C$8.233 billion in 2015. Though India accounts for only 0.7% of Canada's global trade

India and Canada have also established institutionalised mechanisms to promote bilateral economic ties including Ministerial Dialogue on Trade and Investment; Trade Policy Consultations at the level of Additional Secretary, Department of Commerce; and the Economic and Financial Sector Policy.

The major items of India exports to Canada include gems, jewellery and precious stones, pharmaceutical products, readymade garments, textiles, organic chemicals, light engineering goods, iron & steel articles, etc. India's import from Canada include pulses, newsprint, wood pulp, asbestos, potash, iron scrap, copper, minerals and industrial chemicals.

In the recent years the Indian companies have invested in the IT, software, steel and natural resources sectors. Substantial operations in Canada include Aditya Birla Group, Essar Steel, Tata Consultancy Services, Tata Steel Minerals Canada, Tech Mahindra, WIPRO, Infosys Technology, Jubilant Life Sciences, Abellon Energy Inc, IFFCO and Gujarat State Fertilizers and Chemicals Limited (GSFC).Two Banks, State Bank of India and ICICI, have seven and nine branches respectively in Canada.