MUMBAI: India's bilateral trade with Canada is expected to grow to $15 billion by 2015 from the present $5.8 billion, Canadian Consul General Richard Bale said here today.
"Currently the bi-lateral trade stands at 5.8 billion dollars and is expected to grow to $15 billion by 2015. Currently there are 700 Canadian companies in India," Bale said at a conference on Renewable Energy here.
During the India visit of Canadian Prime Minister last November, both the Prime Ministers set an ambitious target to conclude a Comprehensive Economic Partnership Agreement (CEPA) by the end of the year that would boost the Indian and Canadian economics by $6 billion and result in a significant increase in bilateral trade, Bale said.
We believe that by combining Canadian technology and expertise with Indian talent, Canadian and Indian manufacturers can develop and deliver advanced and competitive products and services for India, Canada and third country markets, he said.
The government of Canada has committed $13.8 million over five years to establish Canada-India Research Centre of Excellence. The Centre will fund greater collaboration between Indian and Canadian researchers and is expected to be operational by year-end, Bale added.
Canadian investments in science and technology currently amount to $12 billion per year and have created one of the strongest science and technology bases in the world, he said.