Canada seeks Indian investment in oil exploration

July 26th, 2011 - 9:51 pm ICT by IANS  

Kolkata, July 26 (IANS) Canada is set to increase involvement in India’s small and medium enterprise (SME) sector, besides scouting for Indian investment in coal exploration and education, a diplomat said Tuesday.

Canadian High Commissioner to India Stewert Beck also said that the Comprehensive Economic Partnership Agreement (CEPA) between the two countries would be finalised by 2013.

“Canada aims to invest in India on a large scale, especially in the SME sector. Currently there are 250 Canadian SMEs in India. We hope to increase it to 750 SMEs through client acquisition,” said Beck.

He said with the likely finalisation of CEPA by 2013, bilateral trade between the two countries will see a quantum leap.

“The current quantum of trade is about $4.5 billion, which is insignificant,” he said.

The envoy invited Indian investment in Canada, especially in coal exploration and education. “Countries like Japan have invested in these sectors. There is no reason why Indian companies cannot do the same.”

He was speaking at an interactive session organised by the Confederation of Indian Industries (CII).

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