Canadian Business Must Rely Less On U.S., Consider India: Trade Minister

Posted on Thursday, April 07 at 09:21 by FootPrints
That has made domestic firms unwilling to look beyond their continent for opportunities, which means more nimble competitors will get ahead. "Canadian businesses have not had to look elsewhere in order to prosper," said Peterson. "Globalization is upon us. I want Canadians to wake up to the challenge of globalization and the great opportunities they present." Peterson, along with Health Minister Ujjal Dosanjh, travels to New Delhi and Mumbai, formerly known as Bombay, this week with a small group of Canadian business representatives. During the trip, Peterson is expected to open a new door for Canada by finalizing a deal to collaborate on science and technology, involving academic, business and government sectors. It's a lucrative area of business: India is expected to double its investment in science and technology to $8.25 billion over the coming decade. Officials are also negotiating a Foreign Investment Protection Agreement, with talks last held in February in New Delhi. India represents enormous opportunities, especially for businesses willing to take the time to develop partnerships with local firms, said Jay Myers, economist with Canadian Exporters and Manufacturers. A survey of members last year found that 11 per cent expressed interest in doing business with India - a strong figure that shows "good potential," added Myers. Partnerships with India-based operations give Canadian firms an opening for greater sales in other parts of Asia, the Middle East as well as within India itself. In turn, a Canadian partner offers Indian firms an entry into the massive NAFTA market. But it is much more difficult to crack the Indian market than to do deals with U.S. firms, Myers acknowledged. "The U.S. is close, Canadians understand the market, it's easier to do business, they understand the business culture - and that does make a big difference," said Myers. Yet expanding Canadian investment and trade far beyond this continent is a priority for Prime Minister Paul Martin's government. In last fall's throne speech which outlined the Liberals' priorities, Martin specifically referred to such emerging powerhouses as India and China as essential trading partners in ensuring Canadian prosperity. continued here: http://news.yahoo.com/news?tmpl=story&u=/cpress/20050403/ca_pr_on_na/trade_india_1

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Comments

  1. Fri Apr 08, 2005 3:47 am
    Well they got one thing right stop relying on the US for everything.Do you think that the gov might actually read this site?

  2. Tue Apr 19, 2005 5:45 pm
    Good idea, and while you are at it why not ship all your lumber to India also.

  3. Tue Apr 19, 2005 8:03 pm
    That's actually in the works. All India has for home construction is hard woods, such as teak. Softwoods like pine and poplar would sell well, as they are much cheaper and easier to work with than hardwoods.


    ---
    "If you must kill a man, it costs you nothing to be polite about it." Winston Churchill

  4. Wed Apr 20, 2005 12:52 am
    Another dumb Liberal making a stupid comment in order to gain favour with the anti-US rednecks in Canada. Perhaps he could explain why Canadian business must rely less on the US market, are they going somewhere? Are the Americans about to emigrate elsewhere and turn out the lights? Or are they going to physically remove their landmass from North America?

    If you are looking for protectionist markets closed to outside goods - look at just about every, if not every other country in the world before you look at the States.

    Canadians are such a timid, juvenile and frightened bunch. It's very sad.

  5. Wed Apr 20, 2005 3:04 am
    Timid, juvenile and frightened. That's us alright.
    That being the case what is your big plan to be making Canada independent, bold, inventive, creative. All your working with is a bunch of Canadians. Me thinks Rudy Guliano should be hired to come up and help out.



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