India and Canada have resolved to achieve a $20-billion
turnover in trade in goods and services in the coming
five years, union minister of commerce & industry,
Kamal Nath, said in Montreal on Monday.
to an official release issued here, Nath said that Indian
investment in Canada had picked up substantially in
the last few months.
far the Aditya Birla group company, Hindalco, has acquired
Novelis for around $6 billion, Nath said. In April,
the Essar Group acquired Algoma Steel for $1.7 billion.
Last year, the Tata group acquired Teleglobe, a telecom
company, and the Birla''s picked up Minacs Worldwide,
a business process-outsourcing firm.
to the minister, this trend is likely to continue and
that "more Canadian companies will invest in India,
to exploit the synergies that exist between the two
Nath is on an official visit to Canada, from June 16
to 18. He held bilateral meetings with David Emerson,
minister of international trade, Canada, and Dalton
McGunity, premier of Ontario, besides holding bilateral
talks with the premier of Quebec.
also said that India and Canada have also concluded
negotiations for a bilateral investment protection agreement
to provide an impetus to the two-way investments.