Canadian firms keen on green energy

There is growing interest among Canadian companies, especially those operating in the green energy space, many of whom are eager to set up shop in India, said Consul of Canada & Senior Trade Commissioner (South India) Kyle Nunas on Wednesday.

“We have seen a general slowdown in investments by Canadian firms in India because of the global economic slowdown. But once conditions change, we will see an uptick in Canadian investments in India. We expect two-way trade between the two countries to reach CAD (Canadian Dollar) $15 billion 2015,” Nunas said.

He was speaking at the launch of a range of organic wines from British Columbia. Nunas said the import and sales of these wines will mark another important milestone in the bilateral trade ties between India and Canada.

About 30 Canadian companies currently operate out of Karnataka, compared to 20 in Andhra Pradesh and about 30 in Tamil Nadu, Nunas said.

“Judging from the growing interest, especially from the wind and other green energy companies in Karnataka, the Canadian office is keen to facilitate their entry into the state,” Nunas said.

Immigration services soon

He said the Canadian government would open a bilateral trade office in Bangalore early next year. Immigration and visa services for tourists and students going to Canada would also start in the next 18 months, Nunas said, adding, “Going by the increasing increasing interest among students to pursue higher studies in Canada and the growing tourist traffic, we have decided to open an immigration services office in Bangalore.”

According to Statistics Canada, bilateral merchandise trade between Canada and India in 2011 totalled approximately CAD $5.2 billion, an increase of 23.4 per cent since 2010. While Canadian merchandise exports to India in 2011 totalled CAD $2.6 billion (a 27.7 per cent increase over 2010), imports from India reached CAD $2.5 billion (a 19.3 per cent increase from 2010).