ICCC - Hon Bal Gosal holds pre budget consultation with ICCC members - 15-02-13

Small and Medium Enterprises (SME) are economic engines of our country, Hon. Bal Gosal, Minister of State for Sports said in his remarks during a pre-budget consultation roundtable with the members of Indo-Canada Chamber of Commerce (ICCC) on 15 February, 2013.

Hon. Bal Gosal, Minister of State for Sports and ICCC President Naval Bajaj with other ICCC members

The Economic Action Plan 2013 will be presented in the House of Commons in March, 2013. It will focus on diversifying trade to new geographies.

The budget consultations aimed to find out means to strengthen the Canadian economy in the face of global economic threats, solidify economic recovery, find efficient and effective ways to spending and encourage private sector growth and leadership in the economy.

Minister Gosal explained, “Economic challenges in European Union and USA affected the Canadian economy but despite global recession Canadian economy succeeded in generating more than 900,000 jobs and performed best among the G-7 countries.”

Giving information about the trends in the Canadian economy, the Minister said, “The commodity prices in Canada remains stable due to our vast natural resources and sound economic policies.”

The current trade with India is around US$5.2 billion and is expected to rise to US$15 billion by the year 2015.  The Minister was keen to leverage Canada India partnership in the small sector in the high tech sector to compete in the international market.

ICCC members at the pre-budget consultations with Minister Bal Gosal

Speaking on the occasion Naval Bajaj, President, ICCC, stated the chamber’s initiative during the India Mission 2013 to build Brand Canada in India and promoting the Small and Medium Enterprises (SME) sector.

He suggested that special economic regions should be created to give more incentives by government to manufacturing sector for attracting investment.  Informing the Minister of ICCC’s India Mission 2013, Naval Bajaj said the Mission was the largest in the Chamber’s history and comprised over a hundred Canadian small businesses along with Mayors of Brampton and Markham.

“The purpose of the mission was to help small businesses forge links with the Indian companies,” he said.

The mission also educated Indian businesses of investment opportunities in Canada in food processing, energy, SME, education, skill development, aerospace, mining and infrastructure.

Participants at the roundtable made a series of recommendations some of which included the following.

• Tax relief for job creating SMEs should continue in the economic action plan 2013.
• Awareness programs for the SMEs to develop export oriented products and help them in finding new consumers in the international market.
• Infrastructure of big projects should be developed which added value to the money invested.
• Direct non-stop Air Canada flight to any Indian city for promoting tourism.
• Motivating the investors to invest in Canada
• Cut down the red tape for speedy clearance of loans for the businesses.
• Promotion of Canada as a shooting destination for the film industry as Canada is rich in natural beauty.
• Direct trade of rough diamonds with India as Canada is the largest exporter and India is largest exporter of finished diamonds.
• Special budgetary provisions for promoting the Canadian brands in the international market.
• Investment in the innovation centres for developing new technologies.