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

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