By Gurmukh Singh, IANS,
Toronto : India will woo Canadian investment in its infrastructure during the four-day visit of Minister for Road Transport and Highways Kamal Nath to Canada from March 23.
During his visit, Kamal Nath will meet Canadian International Trade Minister Peter Van Loan, Transport Minister John Baird, and corporate leaders to give further push to economic ties between the two countries.
He will also hold discussions with premiers (chief ministers) of Ontario and Quebec – the two most powerful provinces of Canada – and Indian-born investor Prem Watsa who is known as the Warren Buffet of Canada. Watsa’s financial company Fairfax Financial Holdings has currently assets worth $27 billion.
Kamal Nath’s meetings with Premier Dalton McGuinty of Ontario and Premier Jean Charest of Quebec assumes significance as these come close on the heels of the visit of two premiers to India in December and January respectively.
The two premiers had signed multiple agreements on clean energy, environment, research and education and supported a free trade agreement between the two countries during their visit to India.
“Canada has a huge opportunity to enter India’s infrastructure sector which needs $500 billion in the current plan. Kamal Nath will look for private partners – banks, pensions fund, etc. – to invest in India’s infrastructure development,” Canada-India Business Council (C-IBC) president Rana Sarkar told IANS.
Sarkar said the Indian minister will also address the influential Economic Club in Ottawa where he will speak on ‘The infrastructure challenge before India,’ outlining India’s infrastructure requirements to keep up the high economic growth rate.
“The minister’s mission is to involve Canadians both as investors and infrastructure providers in India. Canada is one of the most solid economic jurisdictions in the world and it has solid investor groups who can play an important role in India ‘s development,” said Sarkar.
He said North American companies are expected to meet 10 percent of India’s infrastructure requirements.
Representatives of many top Indian companies, including Hyderabad-based GVK group and Punj Lloyd, will accompany the Indian minister.
Kamal Nath, who was here as commerce minister two years ago, has been pushing for a free trade agreement between the two countries.