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 Participants at the Agri-food sector Overview & Emerging Export Markets presentation. 

Indo Canada Chamber of Commerce (ICCC) organized a seminar on Ontario’s Agri Food Sector overview and emerging export markets. The agri-food sector is a major player in Ontario's economy. It currently generates $34 billion a year in gross domestic product (GDP) and sustains 740,000 jobs - about one in every nine jobs across the province. Expanding the export growth of the province's agri-food businesses is part of the government's plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs.

Mr. Athar Haidar Shah, Sector Specialist Bakery, Cereal and Milling International Business Development, Ontario’s Ministry of Agriculture and food and Ministry of Rural Affairs was the main speaker at the event. Mr. Shah said that 13.3 million acres of farmland in Ontario, with 51,950 farms and 74,840 farm operators, Over 200 agriculture commodities produced, Major livestock commodities produced in Ontario are dairy products, cattle, hogs, and poultry, Major crops grown in Ontario are grain corn, soybeans, vegetables, and floriculture/nursery crops and Ontario farm cash receipts  valued at $11.8 billion. Ontario ranked first among all provinces (22%) with 65% of Ontario’s farm production is sourced by our food and beverage processing industry.

Ontario has 3,000 processing companies giving jobs to 96,700 employees and largest food and beverage manufacturing industry in Canada. It is 2nd largest manufacturing sector in Ontario and One of the largest, most diverse and most competitive food and beverage manufacturing sectors in North America. Over 50% of companies are clustered in the Greater Toronto Area – among the three largest food cluster in North America.

The sector has a vast potential for growth and a number of Middle East companies are interested in investing into purchase of farms and building their own silos to secure their food supplies.

Mr. Kanwar Dhanjal Director SME & Trade welcomed all the guests and introduced the speaker to the audience. Mr. Pappur Shankar, Director Mining & Energy and Mr. Sanjay Brahmbhatt Chair SME Committee were also present at the event. 

 ICCC and CIBC leadership with Benjamin Tal

Benjamin Tal, Deputy Chief Economist at CIBC World Markets held an audience of over 350 enthralled and riveted for over 90 minutes discussing the future of the world economy and its impact on investment decisions. His presentation – Navigating through the clouds – was jointly organized by the Indo-Canada Chamber of Commerce (ICCC) and the CIBC at the Mississauga Convention Centre Thursday May 19. The program got an unprecedented and overwhelming response.

Tal is responsible for analyzing economic developments and their implications for North American fixed income, equity, foreign exchange and commodities markets. He also acts in an advisory capacity to bank officers on issues related to wealth management, household/corporate credit and risk.

Benjamin Tal, a veteran observer of the global economy, began his presentation by stating that the new normal globally is a recessionary trend. Citing the example of Japanese economy that has not registered any significant growth, Tal observed that globally all major economies are becoming like the Japanese economy.

He said the global economic cycles are going to be shorter and the peaks are not going to be as high as before. In the enveloping scenario, it is the market that is leading the US Federal Reserve, rather than the other way round. The US Federal Reserve is inarguably the most important economic regulator, and it is not in a position through its monetary policy to fix the situation.

Tal explained – in great details – the impact of low oil prices, the recession in China, the collapse and marginal revival of the Eurozone, the revival of the US economy, and the unsettling rise in the real estate market in Vancouver and Toronto.

Well-known for his ground-breaking published research on topics such as labour market dynamics, real estate, credit markets, international trade and business economic conditions, Mr. Tal not only contributes to the conversation but also frequently sets the agenda.

He has close to 20 years of experience in the private sector advising clients, industry leaders, corporate boards, trade associations and governments on economic and financial issues.

On oil prices, the celebrity economist explained lower oil prices would benefit the consuming economies, and the impact of that benefit would be evident in 2017. About China, Tal said that its recessionary trend is a cause of major disquiet among the OECD economies, and it will have a severely adverse impact on major economies. About the Eurozone, Tal noted that the condition is much better than what it was earlier, although it is not completely out of the woods, considering that the banks that lend money to the government are being bailed out by the government.

The strong revival of the US economy is the most exciting development in the global economic situation because the rise in manufacturing in the US will lead to more spending domestically. The US Federal Reserve is unlikely to raise the interest rates in any significant manner because that would likely impair growth.

About the Canadian economy, Tal observed that over the last several years the sole purpose of policy moulders and decision-makers has been to keep the value of dollar deflated to keep it economical. This has certainly helped keep the economy competitive, but there are other systemic issues that are hampering desirable growth.

Canadian economy is showing the rare malaise of record levels of debt and record levels of cash. Speaking on the continuously rising real estate prices in Vancouver and Toronto, Tal said that he did not share the view that the real estate price situation in Canada was similar to the subprime crisis that brought down the US economy in 2008. He also said that the rise in condo construction had brought affordability to the market; and the rising prices, especially in Vancouver, could not solely be attributed to foreign investors because many investors had presence in both Canada and China.

In conclusion he said that interest rates would not be rising significantly in the near term, and that for the next six months the market would be volatile. In the near term, investors should focus on investing in high quality equity. And, considering that 2017 is going to be economically better globally, investors should invest in high value stocks in and after 2017.                      

National and global media regularly seek him out for his insight and analysis on economic issues that impact financial markets, consumers, corporations and public policy. He is also a frequent lecturer in the economic programs of various Canadian universities.

Mr. Tal is a member of the Economic Committee of The Canadian Chamber of Commerce, The Economic Development Committee of the Toronto Board of Trade. He is also a member of board of Governors of Junior Achievement of Central Ontario, and a board member of the Toronto Financial Services Alliance.The enthusiastic response the presentation received from CIBC patrons and ICCC members was a clear indication that entrepreneurs and professionals are keen to understand broad economic trends to safeguard their interests and benefit, to the extent possible, from the changing economic scenario.

Earlier, speaking on the occasion, Sanjay Makkar, President, ICCC, emphasized that Benjamin Tal is well known for his nuanced and often contrarian views on the global economy that had proved to be prescient subsequently even though initially they had seemed uncommon.                       

Venki Raman, District Vice President, CIBC; Jonathan Dent, Regional Head and Senior Vice President at CIBC; and Jagdish Bajaj, Vice President, ICCC, were among the other speakers.

Dinesh Bhatia, the new Consul General of India to Toronto visited the headquarters of the Indo-Canada Chamber of Commerce (ICCC) in Toronto on May 10, 2016. He interacted with the members of the board of directors of the Chamber and discussed the current scenario of Canada-India relations with special focus on business and commercial relations. He expressed confidence that the relations between the two countries were getting better because of the commitment on both sides, especially on enhancing trade.

ICCC President Sanjay Makkar welcomed the Consul General to the Chamber’s headquarters and briefed him about the Chamber’s activities. “The Chamber is at the forefront of promoting trade between Canada and India for the last four decades,” he said, and added, “over the last decade we have focussed on building linkages between small entrepreneurs in the two countries through various means, and especially through our annual India Missions.” Mr. Makkar assured all the support and help required by the Consulate for the promotion of Canada India bilateral ties.

It may be recalled that the ICCC and the Consulate General of India in Toronto have longstanding working relationship, and have collaborated on numerous initiatives in the recent past. Notably, the ICCC and the Consulate worked in unison to organize the PBDCanada2011 during the Year of India in Canada.

The members of the board also greeted the Consul General, and conducted a tour of the different facilities are housed in the Chamber’s headquarters. The Consul General was also shown the Pravasi Bharatiya Samman Award that was bestowed on the Chamber by the Government of India in 2012.

ICCC board members Mr. Arun Srivastava, Mr. Jagdish Bajaj, Mr. Kanwar Dhanjal, Mr. Ajay Tandon, Mr. Yatendra Shah and Ms. Devika Penekelapati were also present. 

ICCC President Sanjay Makkar with Consul General Dinesh Bhatia

ICCC leadership with the Consul General Dinesh Bhatia (third from left)

releasing India Mission 2016 report

At a glittering reception attended by the Who’s Who of Indo-Canadian community and members of the Ontario legislature including Hon Amrit Mangat; former senators Vim Kochar and Asha Seth, the Indo-Canada Chamber of Commerce feted the new Consul General in downtown Toronto Tuesday.

Reciprocating to ICCC President’s overture about working jointly for Indian students in Canada, the new Consul General said that among the three priorities he has set for himself since he took charge in early March are the diaspora community, trade ties between Canada and India, and Indian students in Canada.

During his speech, Mr. Bhatia said he has set up Friday mornings between 10:00 am and 12:00 pm to meet with the Indian diaspora, and he would be meeting everyone “without appointment.”  Speaking extempore, Mr. Bhatia said he had come after a diplomatic stint in Africa, and what he found in common between Africa (which has 53 countries) and Canada is that both of them are looking at India because of India’s growth story.

India will continue to grow at an astounding pace, and has already begun to attract more FDI than any other country in the world, Mr. Bhatia said, and added that India and Canada have been negotiating the trade agreement for a few years, and the situation has reached a stage where India has made certain proposals and is awaiting Canadian response.

In his welcome remarks Sanjay Makkar broached the idea of working together with the Consulate to create a forum for the Indian students in Canada. Giving statistics, he said, in 2015 over 40,000 students from India were enrolled in Canadian educational institutions, constituting 12 percent of the total enrolment of international students. 

The number of students has steadily been increasing, and the year to year rise was expected to be 11 percent. Indian students require handholding when they come to Canada they need cultural acclimatization and a sense of belonging to feel secure in an alien environment at least initially.

Mr. Bhatia agreed to work with the Chamber to create such a forum. Further, Mr. Makkar gave a brief background of ICCC’s four-decades-old history of working to foster bilateral relations between Canada and India, and to create opportunities for the Indo-Canadian diaspora. He spoke about the India Mission 2016 that the Chamber had organized in January.  

The program ended with Consul General  Bhatia, Vim Kochar and Asha Seth releasing the India Mission report. Among those who shared their experiences about India Mission included ICCC's VP Arun Srivastava; Panorama India's Chair Anu Srivastsva; Mukund Purohit, and a few others. 

Download the India Mission 2016 report, click on the cover below

L to R: Arun Srivastava, Vice President, ICCC, Bill Hutchinson, Chair, I-Canada Alliance, Sanjay Makkar, President, ICCC

Indo-Canada Chamber of Commerce (ICCC) will be collaborating with I-Canada Alliance to organize the World Future Cities Summit to be held in Toronto’s world renowned MaRS District on June 9 and 10, 2016. The agreement to collaborate was inked between ICCC President Sanjay Makkar and I-Canada Alliance’s Chair Bill Hutchinson at the ICCC. I-Canada Alliance is a national movement dedicated to the creation of Smart Cities across Canada, where every one enjoys the benefits of higher income, better healthcare, and a rising quality of life.

After agreeing to collaborate, Sanjay Makkar, President,ICCC, said, “The Indo-Canada Chamber of Commerce is pleased to collaborate with I-Canada Alliance on the World Future Cities Summit because Smart Cities will bring a new dimension to the bilateral relations between Canada and India. We plan to be the conduit for channeling Canadian investments and know how to India’s Smart Cities project.”

Bill Hutchinson has played a pivotal role in Canada’s emergence as a global leaders in Smart Cities technologies and infrastructure. He shared historic moments in Canadian telecommunications, from his role as the founding chair of Canarie Inc., whose national research and education network has brought Canada much international recognition, to a Waterfront Toronto executive role in conceiving communications infrastructures. Bill Hutchinson is the chair of SAVI, a five year research project involving ten Canadian universities investigating the future of cloud computing and related communications and he is a distinguished research fellow of the Munk School at the University of Toronto.

The upcoming World Future Cities Summit will be a platform for communities, value-makers and network builders. The two-day convention kicks off with a detailed analysis of India’s Smart Cities project by Pratap Padode, Founder and Director Smart Cities Council India. During the recent India Mission 2016, the ICCC delegation confabulated with senior government officials both at the Indian federal government and different provincial governments to discuss the possibilities of transfer of technologies on India’s ambitious $2 trillion Smart Cities project.

The other topics to be covered during the two-day Summit include:

• How communities leverage the innovation economy: Inventing value – there’s no ‘Plan B’
• Governor’s Choice Program – the Internet of Things (IoT), Cognitive Solutions, Transportation, Applications and Savings
• The ROI From Broadband – New opportunities and new financing
• Rising communities: Smaller but innovative - A caucus of small communities motivated

Among the speakers are:

• Steven Adler, IBM Global Leader Information Strategy
• Sara Diamond, President and Vice Chancellor OCAD University
• Dermott Sweeny, Principal Dermott Sweeny & Co
• Dan Matheson, Mayor Stratford ON
• David Sandel, Founder Gigabit City Summit
• Patricia McCarney, President and CEO World Council on City Data
• Terry Dalton, President i-Valley
• Tom Rivington, President f6 Networks
• Suneet Tuli Singh, President and CEO Datawind
• Damodar Arapakota, President Imex Systems
• Mark Romoff, President and CEO, Canadian Council on Public Private Partnerships
• Anthony Sarget, CEO, Luminato
• Janet Da Silva, President and CEO, Toronto Board of Trade
• Fawn Annan, President and Group Publisher IT world Canada

For more information about the Summit, click here: World Futures Cities Summit

Indo Canada Chamber of Commerce (ICCC) organised an informative session on investing in India – one of the strongest economies in the Emerging Markets. Mr. Richard Minuk, CFA, Senior Manager Business Development, Excel Funds was the main speaker at the session called ‘The New India – Strategies for Income and Growth’ held at ICCC’s headquarters on 16 March 2016.

Mr. Minuk said that Excel Funds was established in 1998 as the only Canadian mutual fund company focused solely on emerging markets. It is the largest and longest-running India focused mutual fund in Canada. He said that the Indian economy is growing between 7-8% from the last couple of years, and expected to grow at 7.8% in 2016. India has the largest young population and by 2030 the middle class growth will be close to 475 million from the 100 million at present. The Indian government debt to GDP is also at 51.7% which is robust and the low oil prices are a great boon for the Indian economy.

India is now has the second largest internet user base with over 350 million users in 2015, this number is expected to rise to more than 650 million by 2020 which will help in growth of online shopping from $8 billion (2015) to $ 102 billion (2020). He further said that the strong Indian forex reserves ($352 billion) provide a sense of security and faith in the Indian market. The growing Indian economy is providing huge opportunities of investment which will give a good number of annual return to the investors.

Mr. Makkar in his welcome address said that he and other small entrepreneurs had witnessed the Indian growth story in January during ICCC’s India Mission 2016. It is a ripe time for investing in India. The government is business-friendly, and they are moving forward with the desired reforms in the economy to benefit the trade and commercial activities. Mr. Makkar also introduced the two newly appointed directors of the ICCC Mr. Yatendra Shah, and Ms. Devika Penekelapati. Mr. Pappur Shankar, Director Mining & Energy was also present. 

Mr. Arun Srivastava introduced the speaker to the audience. Mr. Eric Valderrama Sr. Vice President National Sales, Excel funds was also present at the event.