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Canada and India: Strategic Partners

Remarks by Hon. David Kilgour

Member of Parliament for Edmonton Southeast

Westin Hotel

Edmonton

18 March 2004


It is a great pleasure to be here this morning with High Commissioner Shashi Tripathi to discuss business and trade opportunities between Canada and India.

Canadians and Indians can benefit a great deal from each other in both human and trade/investments terms.  There are already over a million Canadians of Indian origin, about 100,000 Abertans.  They are leaving an indelible mark in many spheres, as business-owners, as doctors, lawyers, teachers, politicians and virtually every other occupation. 

Modern Phoenicians

The overall bilateral relationship is setting the stage for deeper economic ties.  Canada has become a classic trading nation.  Some say we are becoming modern Phoenicians in the sense that up to one in three Canadian jobs and 46% of our GDP today are directly related to trade.  We just heard that 38% of Alberta’s economy are exports.

Almost 87% of our merchandise exports go to our immediate southern neighbour.  As business people, you'll recognize that this is anything but a well-diversified investment portfolio.  The U.S. will always represent our single most important relationship but it is everyone's best interests to widen and deepen the trade relationship with India.

Bollywood

While there is still much progress to be made, we have seen a steady increase in exports, investment flowing both ways, and important joint ventures in information technology, biotechnology and the arts.  Canadian filmmakers know that the world's largest film industry is Bollywood, not Hollywood.  Cutting edge Indian companies such as Infosys, Satyam Computer Services and Tata Consultancy Services (T.C.S.) have invested in Canada.  We look forward to the list of these innovative companies’ further expansion across Canada, especially here in Alberta.

Current trade figures point to enormous potential:  India is presently the world's 11th largest economy; Canada, the 8th.  And yet, we are only the other's 25th largest trading partners.  During a visit to India last year, I learned that we do not have enough presence in Hyderabad, Bangalore and Chennai – three of India's most important high tech cities.

Economic Transformation

India has undergone significant economic change in recent years – the kind that makes it increasingly attractive to business and trade.  Over the last year alone, there has been real growth of 5-6% and it became the fourth largest economy in the world in terms of purchasing power parity.  India is still seen as an economy that could open further to the world.  Foreign and direct investment could push growth to double-digits.

Indian learning institutions graduate over two million students per year skilled in English.  This highly trained workforce is also equipped to contribute to the worlds emerging industries, which have headquarters in India and here in Canada.

Canada / India Bridge

Canada is contributing to responsible globalization by opening our own economy, by providing a more transparent fiscal framework with balanced budgets, and by effectively using public funds to secure growth, and providing a highly skilled workforce.

Both countries can serve as a bridge between east and west.  India and Canada can also view each other as gateways into neighbouring markets. 

Doing so has great advantages for both countries.  Indian companies can gain access to NAFTA, and Canadian companies can do likewise into South and Southeast Asian markets.

Challenges and problems remain, but Canada’s message about India is simple; opportunities await.  I invite you to look into these opportunities and transform them into concrete business ventures.

Conclusion

To conclude, I hope my remarks have illustrated that India is a country of enormous importance and opportunity for Canada.  As we face distinctive challenges when it comes to attracting investments from each other’s countries. Canadian business is recognizing this; we are eager to take advantage of the business and investment opportunities that India offers.

India’s history of individual liberty and social diversity will position it well to reap economic benefits in an increasingly liberalised world. As Gurcharan Das’s wrote in his book India Unbound, quote:

“India embraces democracy first and capitalism afterwards and this has made all the difference. ... it is more likely to preserve its way of life and its civilization of diversity, tolerance and spirituality.”

India is showing the entire world that democracy and unity in diversity, where there is constitutional space for all in a climate of genuine pluralism, are possible outside the industrialized nations of the West. This will be a major contribution to the world of the 21st century; India can be a beacon for many others to imitate.

At the end of the day this is precisely what it is about. As economic barriers continue to fall, governments must be ready to take the steps necessary to invigorate their economies, making them magnets for foreign investment, improving productivity and adopting new technologies. That’s how all of us can really improve the lot of our citizens.

 

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