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Business EconomyPosted at: Feb 23 2018 5:10PM


India-Canada trade has potential to double in 3 years: PHDC

New Delhi, Feb 23 (UNI) Praising the visit of Canadian Prime Minister Justin Trudeau in India, PHD Chamber of Commerce and Industry president Anil Khaitan has said the trade between India and the North American country is expected to double to USD 10 billion in the next three years by 2021.
India’s bilateral trade with Canada grew from USD 1.09 billion in 2001 to USD 5.62 billion in 2016, said Mr Khaitan.
India’s imports from Canada stood at USD 3.65 billion in 2016 whereas India’s exports to Canada stood at USD 1.97 billion in 2016, he stated in an official statement here.
India can enhance its export trajectory in Canada by increasing its exports basket in products like pharmaceutical products, furniture, natural pearls and semi precious stones, plastic articles, among others, the apex body president said.
India has growing production possibilities and an intensive global presence in these products and the total exports can be increased to the level of USD 4 billion in the next three years by 2021 from the current level of USD 1.97bn, said Mr Khaitan.
The export pattern between India and Canada is majorly concentrated in Consumer goods, viz around 55 per cent of the total exports which needs to be expanded in other potential items which are of immense demand in Canada, he said.
India has favourable trade complementarities with Canada which is more aligned with the import pattern of Canada, he added.
On the investment front, Canada is the 23rd biggest investor in India, wherein it fueled-in around USD 1.12 billion foreign direct investments (FDI) during the 17 years period from 2000 to 2017, said Mr Khaitan.
Canada can benefit from investing in India due to its innovation expertise in Research and Development and India’s ever increasing market demand, said Mr Khaitan.
With a strengthened relationship between the two nations, Canada’s investments in India are expected to double to USD 3 billion in the coming times, said Mr Khaitan.
The investments are expected to fuel-in sectors like clean energy, agri-machinery, climate change, advanced manufacturing; advanced agriculture equipment; agri-food; clean technology; digital industries; and health and bio-sciences, he said.
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