There is huge trade potential between India and Canada: Champagne

There is huge trade potential between India and Canada: Champagne

Canadian Minister of International Trade Francois-Philippe Champagne, who was in Bengaluru on Wednesday, said he could see enormous potential and talent in India and both Canada and India can do more together.

"There are many interesting avenues, and one among them would be Artificial Intelligence. Companies like Google and Facebook have already invested in AI, and the future is very interesting," said Champagne, who also met Infosys Non-Executive Chairman Nandan Nilekani and Wipro top executives during his one-day visit to Bengaluru.

Later in the day, he also participated in a ground-breaking ceremony for Magellan Aerospace's new facility in Devanahalli.

Around 1,000 Canadian companies are active in India, and both Canada and India have $8 billion in bilateral trade. "It's balanced with $4 billion on each side," he said, stressing on various potential opportunities in FinTech, renewable energy and e-mobility, among others.  

For Canada, India is one of its priority markets, and the country sees many joint opportunities and a win-win situation for both nations.

Talking about  Foreign Investment Protection and Promotion Agreement (FIPPA),  Champagne said: "it's time that we finalise it, as it allows more investments".

With Bengaluru, the IT and startup hub, Champagne sees opportunities in every corner. He feels the startup ecosystems in India and Canada can be connected.

"I got 20 different business ideas during my time at the Technology Summit in New Delhi. Talent and technologies are present in both countries, and we can work in areas like renewable energy, solar energy that are in desperate need," he said.

There is an increase in the number of Indian students in Canada, from 75,000 last year, to one lakh students at present, he added.

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