By IANS,
Toronto : The global economic crisis is an opportunity for India and Canada to deepen their economic ties, says the Indian consul general here.
Speaking at a reception by the famous Canadian law firm of Blake, Cassels and Graydon here Wednesday, consul general Preeti Saran said the low two-way trade left a lot to be desired.
At $3.72 billion in 2007, the India-Canada trade is too low, considering that the two countries have so much in common, she said.
“I am certain we can do better,” she said, adding that the current crisis was “the right time for the two countries to diversify.
“Perhaps there is a message for both India and Canada in the current global economic crisis.What is that we can do together to exploit the untapped potential in our economic and commercial relations to tide over the present crisis for mutual benefit?”
The Indian envoy said there are “clear synergies” between India and Canada for cooperation in infrastructure, including power generation, services, skill development, energy and other renewable energy resources, nuclear commerce, bio-technology, agricultural productivity and research and space.
“In many of these areas, it would be our expectation that technology transfers would be the key to promoting the synergies,” Saran said.
To meet its energy needs, she said, New Delhi has signed civilian nuclear deals with the US, France and Russia and “hopes to conclude similar agreements with our other economic partners.”
Canada’s sophisticated technology could help India exploit its huge coal reserves to meet its energy demands, Saran said.
She said India’s booming bio-technology sector also offered a huge opportunity for Canada as 100 per cent FDI was allowed into this sector – estimated to grow by about 30 percent in the coming years.
New Delhi’s ambitious space programme also offered opportunity for India-Canada cooperation,
The consul general said India has taken various steps to keep up its high growth rates, and the country remained an attractive destination for investors.
Referring to the Mumbai blasts, she said India will not be deterred from its march to become a developed nation by 2020.
“Today the biggest challenge before the international community is to ensure that terror outfits like the Lashkar e Toiba that perpetrated this unpardonable crime are completely dismantled.
“The sponsors, trainers and financers of such crimes must be condemned for converting our neighbourhood into an epicentre of terrorism. Otherwise this Frankenstein will consume the world,” she warned.