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The Federation of Indian Chambers of Commerce and Industry (FICCI) led its second annual delegation in the infrastructure sector to North America, and the Indo-Canada Chamber of Commerce (ICCC) organized a networking reception to facilitate a free-flowing exchange of ideas between the visiting delegation and Indo-Canadian entrepreneurs and professionals.
The ICCC and FICCI are partners in success, having signed a MoU over a decade ago pledging to support and facilitate mutual interests in each other’s jurisdiction. The ICCC had hosted FICCI’s first infrastructure delegation last year, and has worked with FICCI for its New Delhi program during the annual India Missions.
The focus of the FICCI delegation is to connect with Canadian organizations and financial institutions operating in the infrastructure space, who are interested to work with India and also invest in the infrastructure development in India. The programme focused on infrastructure sectors including Road and Highways, Railways, Ports and Shipping, Airport, Infrastructure Financing, and other allied spheres.
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Arun Srivastava
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Manab Majumdar
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The delegation comprising over 20 senior executives from top Indian infrastructure entities both in the government and private sectors, confabulated with ICCC members and stakeholders at the networking reception. Among the Indian entities that were represented in the delegation included SBI Capital Markets, IL & FS Transportation Networks, Seven Islands Shipping, Alar Group, Guizetti & Associates, SPSM Infrastructure Projects, Blue Light Star Marine Services, representatives of the Government of Nagaland and FICCI officers. Mr. R K Perindia represented the Consulate General of India in Toronto.
Ms. Devika Penekelapati launched the networking reception and introduced the evening to the audience. She then invited Arun Srivastava, the newly-elected President of the Chamber to give welcome remarks.
In his remarks, Mr. Srivastava introduced the ICCC to the visitors and said that the Chamber has promoted bilateral trade for the last four decades. “We have seen Canada-India economic relations rise from nothing to reach where they are today – over 8.3 billion dollars in merchandize trade. If we factor services in this, the figure would increase by over 4 billion dollars. Pertinently, trade between the two countries is growing at double digit rates for the last three years, and it grew by 29 percent in the last year.”
He said creating a bridge between Canadian and Indian innovation and entrepreneurship ecosystems is one of the latest areas of growth in the bilateral relationship. The key sectors of high growth include information and communications technology, health, nanotechnology, renewable energy, cyber-security, intelligent transport and disaster management.
“Infrastructure is a key sector for bilateral trade and investment between the two countries. In this sector the recent developments in India have been exciting,” he said, and added, “The massive Smart Cities project of the Indian Prime Minister Hon. Narendra Modi is opening new doors for Canadian companies. Even city administrations in Canada, who have extensive experience in creating smart cities, are keen to collaborate with Indian entities.”
Mr. Manab Majumdar, Assistant Secretary General, FICCI, thanked the ICCC for hosting the event and said that they are working to engage the Canadian companies for investment in Infrastructure sector as it is emerging as one of the major area. Indian companies are looking for collaboration in road building, mining and ship building industries. As Canada is leader in technical expertise and has already developed a number of technologies related to these sectors. Indian Companies are ready to have joint venture, ready to get technical support or joint projects with collaboration with the Canadian companies.
Mr. R K Perindia also said that the government is helping the businesses on both sides to collaborate with each other and easing the visa process to benefit business people.
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