TORONTO, ONTARIO--(Marketwire - July 13, 2012) - Each of India's 28 federal states has the geographic size and population equivalent to that of a small nation. Each also has a unique economy with distinct growth rates and investment opportunities.
However, too often the discussion on the "opportunity of India" tends to obscure these differences - to the detriment of Canadian companies and industry.
To highlight the importance of increasing Canada's engagement with India at the state level and focusing more on the economic opportunities of individual regions, the Canada India Business Council (C-IBC) is signing a memorandum of understanding (MOU) with the Industrial Extension Bureau (iNDEXtb), an economic development organization representing the Government of Gujarat.
Located in Western India, Gujarat is the 2nd most industrialized and 3rd most urbanized state.
For the past six years, the state of Gujarat has had an average growth rate of 10.28% (one of the highest in India).
"While there has been much recent discussion about India's slowing growth rates, this conversation largely overlooks the significant differences between the diverse regional economies of India.
Canadian companies such as McCain Foods and Bombardier recognize this and have taken a more local focus. Both already have major plants in Gujarat. The Council knows that a growing number of other Canadian companies are looking to use Gujarat as the launch point from which to enter the broader Indian market," adds Rana Sarkar, President & CEO, C-IBC.
As part of the MOU signing, the C-IBC is hosting a delegation of senior management from top Indian companies led by Mr. D.J. Pandian, the Principal Secretary, Energy & Petrochemicals Department of the Government of Gujarat.
The sectors represented include: telecoms, energy, pharmaceuticals and finance and among the senior representatives from: Reliance Industries, Suzlon Energy Cadila Pharmaceuticals, Adani Gas, Torrent Pharma and Abellon Clean Energy are all attending.
"The C-IBC is pleased to lead the discussion on the progress of Canada's engagement with Gujarat. The roundtable will focus on identifying remaining challenges and highlighting emerging opportunities. Today's MOU provides a practical framework for achieving these objectives," said Peter Sutherland, Vice-Chairman, C-IBC.
Additional Information & Interview Opportunities:
Please see below for additional background information on the economic opportunities IN Gujarat As well as Canada-India trade relations.
To arrange for additional commentary or an interview with:
Rana Sarkar, President & CEO, C-IBC or
Peter Sutherland, Vice-Chairman, C-IBC
About The Canada India Business Council:
For almost 30 years, C-IBC has been the leading, bi-national member driven association dedicated to the sustained growth of trade, investment and services between Canada and India.
C-IBC works to assist Canadian corporations by offering knowledge, experience and insight on bilateral trade and investment opportunities. With over 100 members, the C-IBC represents the leading companies in the Canada-India business corridor. C-IBC is headquartered in Toronto with operations in Delhi, Vancouver and Montreal.
For more information, please see: http://canada-indiabusiness.ca.
Background Statistics & Information:
- In 2011, Canada's trade with India grew to $5.185 billion, up by 27.71% from 2010;
- Current free trade negotiations with India (CEPA) are expected to increase annual trade to $12 billion;
- The federal government has targeted $15 billion in bilateral trade by 2015.
- Population - 6.03 Crore (60,383,628); is 4.99% of India's population (2011 Census)1
- Geographic proportion of India - 6%2
- Average Literacy rate - 79.31%3
- 2nd most industrialized, 3rd most urbanized and 5th richest state in India4
- 30% of Total market capitalization of Indian stock market from Gujaratis5
- Registered 10.08% growth in 10th Five Year Plan (against target of 10.02)
- Target for 11th Five Year Plan: 11.2%6
- FDI: between 2006-2010, Gujarat signed 5.35 trillion rupees MoUs, with 647,000 potential jobs7