Canadian Minister Says India Visit “Productive”

Canada’s Minister of Natural Resources, Joe Oliver, addressed the Indo-Canadian community in Toronto to highlight his successful economic mission to India, where he met with top government officials and industry leaders to strengthen investment, innovation and partnerships with Canada in the natural resource sectors.

“The Harper Government recognizes that Canadian exports to India are vital to our future prosperity. We continue to achieve tremendous progress in trade, investment and scientific innovation,” said Minister Oliver. “The Indo-Canadian community is playing a key role in helping Canadian businesses to compete in the fastest-growing region in the world.”

The Minister’s visit supported the Government’s priority to increase market opportunities for the export of Canadian natural resources to create jobs, growth and long-term prosperity. Canada views India as a priority country for trade and investment. India’s rapid expansion has made it one of the world’s fastest-growing energy markets, and energy security is one of its top priorities.

India is the world’s third-largest energy consumer, with energy consumption expected to double by 2035 — and India’s demand for energy already outweighs its current supply.

“Our Government is committed to a trade plan that benefits all Canadians,” said Minister Oliver. “The natural resource sectors directly and indirectly employ 1.6 million Canadians and drive almost 20 percent of our economic activity. We will continue to focus on what matters to Canadians — jobs, growth and long-term prosperity.”

Canada is well positioned to help India meet its energy needs. The importance of strengthening our energy relationship with India is underscored by Canada’s vast reserves of natural gas and its capacity to become a major exporter of liquefied natural gas. The Minister reinforced Canada’s role as a responsible energy supplier and advanced opportunities to diversify natural resource exports to India.

Last year, Canadian exports to India increased by 27 percent and imports from India increased by over 19 percent. India’s bilateral trade with Canada totalled $5.1 billion, and two-way investment reached $5 billion.

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LNG World News Staff, October 30, 2012; Image: nrcan.gc.ca