NEW DELHI: Trade between India and Canada is expected to double to USD 10 billion in the next three years, PHD Chamber of Commerce and Industry said.
The statement comes in the backdrop of Canadian Prime Minister Justin Trudeau's ongoing visit to India. India's bilateral trade with Canada grew from USD 1.09 billion in 2001 to USD 5.62 billion in 2016, PHD Chamber President Anil Khaitan said.
India's imports from Canada stood at USD 3.65 billion in 2016 whereas India's exports to Canada stood at USD 1.97 billion in 2016, he added. India can enhance its export trajectory to Canada by increasing its exports basket to products like pharmaceutical products, furniture, natural pearls and semi precious stones, plastic articles, among others, said Khaitan.
"India has growing production possibilities and an intensive global presence in these products and the total exports can be increased to the level of USD 4 billion in the next three years by 2021 from the current level of USD 1.97 bn," he said. On the investment front, Canada is the 23rd biggest investor in India, wherein it fuelled-in around USD 1.12 billion foreign direct investment (FDI) during the seventeen years period from 2000 to 2017, said Anil Khaitan.
The investments are expected to fuel-in sectors like clean energy, agri-machinery, climate change, advanced manufacturing, agriculture equipments, agri-food, clean technology, digital industries, and health and bio-sciences, he added.