OTTAWA, May 7, 2013 /CNW/ - Canadian commercial activities with India
pale in comparison with the scale of our trade and investment with our
traditional, advanced economy partners.
"Few Canadian companies have taken full advantage of the rapidly growing
Indian economy," said Danielle Goldfarb, Associate Director, Global Commerce Centre, The Conference Board of Canada
"But Canadian firms are world leaders in some of India's "hottest"
economic sectors. Canada's demonstrated strengths in other markets
could be adapted and applied to India's needs."
India already represents 7 per cent of the world's economy— and it is
projected to comprise 11 per cent by 2030.
India has many dynamic, fast-growth, and sizable industries. But many
economic sectors in India are still closed to outside trade and
investment. Canadian companies can find pockets of openness among these
The services sector in India is massive, and some of its sizable,
dynamic, fastest-growing industries align well with Canadian strengths.
A new Conference Board of Canada report for its Global Commerce Centre identifies the sectors that offer both high growth potential and
relative openness to Canadian businesses. The sectors and their related
supply chains that fall in the "sweet spot" include:
food products, and
As the world's second most populous country, with a young population and
a large and growing middle class, India offers tremendous
opportunities. India's economy grew rapidly over 2003-07, averaging an
impressive 9 per cent real annual growth. It has slowed down since,
averaging 7 per cent annually over 2008-11 and 5 per cent in 2012.
Only a meager 0.5 per cent of Canada's goods exports go to India.
Two-way Canada-India trade totals less than C$5 billion, mostly in
goods. Similarly, Canada's direct investment flows to India are
negligible. However, as Canada's trade with the U.S. stagnates,
Canada's trade with fast-growing markets is starting to take off.
Canada and India are negotiating a trade deal, ambitiously slated for
completion in 2013. Ottawa has identified core economic opportunities
in India in the energy, agriculture, infrastructure, and education
The publication, Hottest Prospects for Canadian Companies in India, is part of the "Tool Kit for Growth Markets" series, published by the
Conference Board's Global Commerce Centre. The Centre provides
evidence-based tools to help companies and governments respond
successfully to the trends reshaping the global business environment.
The publication is available at www.e-library.ca.
SOURCE: Conference Board of Canada
For further information:
Brent Dowdall, Media Relations, Tel.: 613- 526-3090 ext. 448