As the global economy enters another recessionary phase, the Canadian economy is facing an unprecedented challenge. A combination of factors such as the slowing economic growth rate, the lower oil prices and the plunging loonie are some of the major issues that the federal government in Ottawa will have to consider while formulating the upcoming budget.

Hon. Ms. Sonia Sidhu, Member of Parliament, Brampton South, invited the members of the board of the Indo-Canada Chamber of Commerce (ICCC) for a pre-budget consultation at her office in Brampton on 20 January 2016.  These consultations aimed to get informed views from the board members who are small business entrepreneurs and technocrats the ways and means to strengthen the Canadian economy in the face of global economic changes, solidify economic recovery, find efficient and effective ways to attract new investment in the manufacturing sector and encourage private sector growth in the economy.

Speaking on the occasion Jagdish Bajaj, Vice President, ICCC, stated the chamber’s initiative during the India Mission 2016 to build Brand Canada in India, and promoting the Small and Medium Enterprises (SME) sector. He said emphasized that Canada should refocus on the manufacturing sector to add value to the economy.

Indo-Canada Chamber of Commerce (ICCC) urged the Member of Parliament that industry sector should be a priority for the government and it should be incentivized so that more manufacturing sector hubs can be developed to attract investment.  

Participants at the roundtable made a series of recommendations; among them were the following:

• Awareness programs for the small and medium sector to develop export oriented products and help them in finding new consumers in the global market
• Investing in infrastructure of mega projects – this would add value to the money invested
• Motivating the investors to invest in Canada
• Cut down the red tape for speedy clearance of loans for the businesses
• Promotion of domestic tourism in Canada
• Special budgetary provisions for promoting the Canadian brands in the international market.
• Investment in the innovation centres for developing new technologies.
• Skills development and implementing the high end technology
• Diversification of resources
• Attracting international players for the mining sector.