Digital Desk |
Milwaukee, Oct 1 (IANS) Canada wants to help build India as its economy expands, with energy, critical minerals and aerospace emerging as major areas for deeper economic cooperation between the two countries, Canadian International Trade Minister Maninder Sidhu said Thursday.
Sidhu said India’s growing energy requirements and its efforts to diversify supply chains offered significant opportunities for Canada.
“India is growing at 7 per cent year over year. India requires 70 per cent more energy by 2035. We have that energy in Canada,” Sidhu told reporters on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee.
The Canadian minister said his country was expanding its liquefied natural gas capacity and expected to emerge as one of the world’s leading LNG exporters.
“We have over a handful of LNG projects in various phases of development. Meaning within the next five years, we’ll be a top five exporter of LNG,” he said.
But Sidhu said the potential economic partnership went well beyond energy.
“It’s about critical minerals with India; it’s about aerospace. So as India builds, Canada wants to be there to help build India as well,” he said.
Sidhu visited India about 10 days ago and met Commerce and Industry Minister Piyush Goyal in Mumbai. The two countries are currently negotiating a trade agreement, with the fifth round of negotiations scheduled to begin in Ottawa on Monday.
The minister was careful not to disclose details of the negotiations.
“Well, negotiations are ongoing, so I’ll be very careful how far I go. I think it’s very clear that we don’t negotiate through media,” he said.
But he identified areas where Canada believes the two economies can work together.
“It’s about collaboration. It’s about cooperation. Where can we help India?” Sidhu said.
Critical minerals could become a particularly important part of that partnership as India expands its automobile industry and seeks to strengthen supply chains for electric vehicles and batteries.
“India’s looking to diversify some of the supply chains if you look at critical minerals,” Sidhu said.
“India has a growing auto sector and for EVs and batteries, Canada is the only country in the Western hemisphere that has every single element to make an electric battery. And so there is something that we can add.”
Sidhu also pointed to investment flows between the two countries.
He said a recent investment summit in Toronto attracted Indian investors and about 100 asset managers managing roughly USD 130 trillion in assets. The event generated about USD 500 billion in commitments, according to the minister.
“So we have a lot of projects that we can work on together,” Sidhu said. “So energy, critical minerals, aerospace and others.”
He also said Canada wanted Indian companies to invest in Canadian mining and energy projects.
“We also welcome Indian investors in Canada to invest in our mining projects, to invest in our energy projects, so we can grow together,” he said.
The relationship, Sidhu said, should extend beyond the movement of goods.
“And so part of that is, yes, it’s trade, but it’s investments and beyond that in terms of research and collaboration as well,” he said.
India and Canada have been rebuilding their economic engagement alongside renewed high-level political contacts. Trade negotiations have gathered pace as both countries look to expand market access and strengthen investment ties.
