Kolkata: No matter how India, or for that matter Eastern Region, is seen as a �difficult place to do business in�, things are beginning to change, according to a top Canadian diplomat in Kolkata.
Canada has already set its focus on four key areas � food security, energy security, education and Infrastructure � and working overtime to boost trade and investment in India, Mr Stewart Beck, High Commissioner of Canada to India, told a group of industry leaders during an Interactive Session organised by CII Eastern Region in Kolkata today.
�Canada can bring efficiency and effectiveness in food processing industry and agricultural logistics, help in clean technologies and waste water management,� said Mr Beck adding that the Eastern states which are rich in mining and minerals, can attract substantial investments from Canadian companies.
Mr Beck urged Coal India to explore mining opportunities in his country. He told journalists that Canada is keen that Coal India invests in Canada, chiefly in metallurgical and coking coal.
Mr Beck also expressed hope bilateral trade with India will be increased. “In 2013 the total bilateral trade was around USD 5.5 billion with a growth of 12 per cent over last year. We are expecting a higher growth this year,” he said.
According to High Commissioner Beck, innovation and entrepreneurship is another important area to which Canada can contribute significantly. �Creating opportunities and jobs for young Indians is a challenge. And we Canadians are great innovators � we have a solid innovation eco-system, too. In my view, Canada can be a great partner in India�s pursuit in innovation and creating new jobs,� he said.
Mr Beck also called for removal of regulatory hurdles to attract top Canadian mining companies to invest in the Eastern Region.
Earlier, Mr Viresh Oberoi, Chairman, CII Eastern Region, described the possibilities of collaboration between India and Canada as tremendous. �The complementary nature of the two economies presents a unique set of factors that can be leveraged for mutual benefit. While Canada�s labour shortages can be complemented by India�s large, educated and skilled workforce, India�s dire need for strong infrastructure present great business opportunities for Canadian firms.�
He said, �The locational advantage of the eastern region can help build stronger bridges of economic co-operation between Canada and the Eastern part of India.�
�India and Canada must relentlessly pursue the bilateral agenda � at not only the government and private sector level, but also in terms of building public-private partnerships. Concrete steps need to be taken to build a multi-dimensional collaborative framework that leads to sustained economic growth and job creation for both countries, translating into a truly win- win partnership,� Mr Oberoi added.
A K Verma, Deputy Chairman, CII Eastern Region, said CII and Canadian Council of Chief Executives (CCCE) have played an instrumental role in building various platforms of exchange. �The recent past has seen increasing official interactions, private sector interest and involvement and institutional dialogues.�
�Today, India is recognized as one of the priority markets for Canada. In their wide collaborative canvas, both countries are exploring the possibility of a Comprehensive Economic Partnership Agreement (CEPA), re-negotiating the terms of the Foreign Investment Protection Agreement (FIPA) and making progress on a Social Security Agreement as well,� he said.
New Zealand�s Steel and Tube Holdings to acquire Tata Steel International (Australasia) Ltd
Mumbai: New Zealand’s Steel and Tube Ltd has agreed to acquire Tata Steel International (Australasia) Ltd. for a cash consideration of NZ$27.5 million on 14 April 2014.
Tata Steel International Australasia Ltd. (TSIAL) is a New Zealand based company which is the leading supplier of stainless steel, engineering steels, and composite floor decks to the New Zealand and Pacific Island markets. The division also offers ex-mill sales of colour coated and packaging steels, railway tracks, and structural sections.
