ICCC Weekly Newsletter
29 March 2021
A ship in Suez
Global movement of cargo was severely affected last week when a 1,312-foot ship MV Ever Given carrying 18,300 20-feet containers and on its way from China to the Netherlands was stuck in the Suez Canal. The 120-mile-long canal between the Red Sea and the Mediterranean separates Africa from the Middle East and Asia and is also the shortest route between Asia and Europe.
The Ever Given is a Panama-flagged vessel operated by Taiwanese company Evergreen, and owned by Shoei Kisen Kaisha Ltd of Japan. The 25-member crew is all Indian. It is one of the largest ships in the world weighing 200,000 tonnes; it is one of the “mega ships” which can carry two or three times more cargo than the average new container vessel.
The stranded ship disrupted the world’s most vital trade artery and held up an estimated $9.6 billion worth of goods each day. The canal’s westbound traffic comprises goods worth $5.1 billion a day, while the east bound traffic ships goods and commodities worth $4.5 billion.
The stranding of Ever Given caused disruptions in the global shipping industry that could take weeks and possibly months to clear, shipping group Maersk said. “Even when the canal gets reopened, the ripple effects on global capacity and equipment are significant,” the world’s largest container shipping company said in an advisory statement for customers published.
Although the ship was stranded for less than a week, it adversely affected global oil and commodities prices. Fitch Ratings estimated that the stoppage at Suez would likely result in losses worth hundreds of millions of euros for the reinsurance industry. This event will reduce global reinsurers’ earnings but should not materially affect their credit profiles, while prices for marine reinsurance will rise further, the credit rating agency said.
Data from Lloyds List Intelligence shows dozens of container vessels – representing all major container lines – re-routing around the Cape of Good Hope rather than transiting the Suez Canal. Ships forced to re-route around the Cape of Good Hope because of the Ever Given’s grounding incur massive costs – and so does the planet, according to Lloyds List Intelligence.
The maritime analysts said that eight days of sailing time are added to voyages around the tip of Africa. The altered route requires 500 tonnes of extra fuel and produces up to 1,600 tonnes of extra carbon dioxide, and more for container vessels that travel at higher speeds.
Read more:
Major shipping routes of global trade
About that ship jammed in the Suez Canal
10 Days / 10 States
ICCC's Virtual Trade Mission to India
11 May 2021 to 25 May 2021
Indo Canada Chamber of Commerce is organizing the first ever 10 Days/10 States virtual trade mission from Canada to India.
The Mission is supported by Indian High Commission, the Consul General of India in Toronto, the Canadian Federal Government and other Provincial and City Governments.
The Mission will focus on 5 major sectors/industries that show maximum potential for growth for bilateral trade relations.
The Mission is a great opportunity to leverage the business opportunities in a post pandemic world and contribute to increasing trade and investments between Canada and India
10 States
Andhra Pradesh No. 1 on EODB reforms, Biggest exporter in India, largest producer of fruit, oil palm. Biotech/Lifesciences, Tourism and Tech.
Goa Tourism and Tech, highest per capita income, mineral rich state
Gujarat Highest number of operational ports/commercial cargo ports, ranked No.1 on Export Preparedness Index, 20 SEZs, 8 Special Investment Regions
Haryana Hub for Knowledge industry incl biotech and IT.Prominent trade and consumption centre, lies in the influence zone of two major industrial corridors – DMIC and AKIC
J&K Largest producer of Apples, Walnuts, Cherries, Saffron, Wool etc. Well known for handicrafts/handloom products. Tourism.
Karnataka Tech, Innovation – Sector leader. Over 400 R&D centres, largest SW exporter, largest producer of coffee, aerospace and defence equipment
Odisha Largest mineral producing state, over 50% of aluminium, steel and stainless steel in India, leading producer of horticulture crops – eggplant, pumpkin, cashewnut, cowpeas
Rajasthan Largest producer of coarse cereals, coriander, 2nd largest producer of pulses, oilseeds, cumin, garlic etc. Highest solar energy potential, largest producer of blended fabrics and wool in India, major solar energy potential. Tourism friendly and lies in the DMIC industrial corridor.
Uttar Pradesh 200 mn in population (equivalent to Brazil), Taj Mahal, largest producer of milk and horticulture crops like gooseberry, guava , mango, peas and potato
Punjab Granary of India – largest producer of wheat and rice, largest producer of horticulture crops – carrot, peas, mandarin, radish and melon, largest producer of machine, hand tools and bicycle components. Sound infra for food processing – processing and cold storage.
5 sectors
ICT and Startups
Auto and E-Mobility
Tourism
Food & Beverages
Pharma /Medical Devices / Healthcare
ICCC is conducting a virtual curtain-raiser
on 1 April 2021 to provide more details about the trade mission.
Register on Zoom or Facebook
ICCC Board Meeting with Past Presidents
The Board of Directors of the Indo-Canada Chamber of Commerce held a Zoom meeting with the Past Presidents of the institution on 26 March 2021.
Among the past presidents who participated in the meeting were Ramesh Chotai, Hari Panday, Raj Kothari, Ravi Seethapathy, Rakesh Goenka, Kris Krishnan, Pradeep Sood, Ajit Khanna, Vinod Nagpal, Sanjay Makkar, Arun Srivastava and Kanwar Dhanjal.
The past presidents shared their experiences of running the Chamber with the incumbent board members.
Upcoming Programs & Events
ICCC's Leaders Talk Webinar Series
Hon. Erin O'Toole
Leader of the Official Opposition of Canada
&
Leader of the Conservative Party of Canada
4:30 PM - 5:30 PM
THURSDAY 08 APRIL 2021
Register on Zoom (first 100 registrants) or Facebook
Past Programs and Events
On 25 March 2021, as part of its continuing Thursday Talk webinar series, the ICCC organized a session on the impact of astrology, vastu and feng shui on business and life, featuring Joey Bujold (astrologer), Kalpesh Joshi (vastu shastri) and Paul Ng (feng shui expert). The session - In tune with infinite forms of nature - gave a glimpse of the future and a better understanding of the present.
In case you missed it, watch the full recording of the webinar here
Click here to go to the YouTube recording:
Nature's Infinite Forms
In the News
Canada takes lead in resolving looming
global debt crisis
"We risk spiralling deeper into the worst recession since the Great Depression" - António Guterres,
UN Secretary General
With many countries continuing to struggle to overcome the human and economic devastation from COVID-19, UN Secretary-General António Guterres is convening a meeting of world leaders on Monday, 29 March from 10 a.m. to 1:00 p.m. EDT to urge the international community to take additional and urgent action to ensure a robust recovery.
The high-level virtual meeting organized by the Secretary-General together with the Prime Minister of Canada Justin Trudeau and the Prime Minister of Jamaica Andrew Holness aims to underscore the urgency of the need for bolder and concrete action to provide liquidity and address debt vulnerability in developing countries.
The meeting will follow-up on a series of meetings and roundtables held last year to mobilize action to assist the economic recovery from the pandemic that resulted in a series of measures by the international community, but still not sufficient to meet the continuing and deepening crisis that many countries face.
“We are on the verge of a debt crisis. Six countries have already defaulted. One-third of emerging market economies are at high risk of fiscal crisis. And the situation is even worse for least-developed and low-income countries,” said United Nations Secretary-General António Guterres.
“We need now, to allocate new special drawing rights and encourage countries with strong reserve positions to reallocate unused SDRs to countries that need it; extend the G20’s Debt Service Suspension Initiative into 2022; and expand it to include all highly indebted, vulnerable middle-income countries affected by the crisis. We also need to expand the Common Framework for Debt Treatment to other vulnerable countries and provide additional, targeted debt relief and to tackle long-standing weaknesses in the international debt architecture. Otherwise, we risk spiralling deeper into the worst recession since the Great Depression.”
Read more: Debt restructuring
Download: Liquidity & Debt Solutions
Snapshot of Canada's restaurant industry
Read more: Stats are on the menu
India@75
Watch promotional video: India@75
India's Prime Minister, Narendra Modi flagged off the ‘Padyatra’ (Freedom March) from Sabarmati Ashram, Ahmedabad and inaugurated the curtain raiser activities of the ‘Azadi Ka Amrit Mahotsav’ (India@75). He also launched various other cultural and digital initiatives for the India@75 celebrations.
Azadi Ka Amrut Mahotsav is a series of events to be organised by the Government of India to commemorate the 75th Anniversary of India’s Independence. The Mahotsav will be celebrated as a Jan-Utsav in the spirit of Jan-Bhagidari.
Addressing the gathering at Sabarmati Ashram, the Prime Minister noted the launch of the ‘Azadi ka Amrit Mahotsav’ 75 weeks before 15 August 2022 which will continue till 15 August, 2023. He paid homage to Mahatma Gandhi and great personalities who laid down their lives in the freedom struggle.
The Prime Minister reiterated five pillars i.e. Freedom Struggle, Ideas at 75, Achievements at 75, Actions at 75 and Resolves at 75 as guiding force for moving forward keeping dreams and duties as inspiration.
The Prime Minister asserted that Azadi Amrit Mahotsav means elixir of energy of independence. It means elixir of inspirations of the warriors of freedom struggle; elixir of new ideas and pledges and nectar of Aatmnirbharta.
Talking about the symbol of salt, the Prime Minister said that salt was never valued on the basis of mere cost. For Indians, salt represents honesty, trust, loyalty, labour, equality and self reliance. He said at that time, salt was a symbol of India's self-reliance.
Along with the values of India, the British also hurt this self-reliance. People of India had to depend on salt coming from England. He said Gandhiji understood this chronic pain of the country, understood the pulse of the people and turned that into a movement.
Read more: India @ 75
Announcement
Indian Council for Cultural Relations
International Video Blogging Contest on ICCR Foundation Day
On the theme
“My impressions of India”
Or
“What India means to me”
Brief outline: The Indian Council for Cultural Relations (ICCR) announce a Video Blogging contest from 19 March 2021 till 3 April 2021 on the theme “My impressions of India” or “What India means to me”.
The Video contest is open to foreign participants who studied in India (not restricted to just ICCR alumni but even those who studied in India under self finance scheme) residing outside India.
A three minute-long (maximum duration not more than three minutes) High Resolution video in the form of running video or photos or collage of photos Submission / Closure of Entries
01st Prize – US$ 2000
02nd Prize – US$ 1000
03rd Prize – US$ 750
Download details: ICCR contest
Indo-Canada Chamber of Commerce
924 The East Mall Toronto ON M9B 6K1
Tel: (416) 224-0090 Fax: (416) 916-0086
Email: iccc@iccconline.org
Website: www.iccconline.org
