Canada's participation at the fifth Vibrant Gujarat Summit (VGS)-2011 in western Indian
state Gujarat beginning January 12, will be aimed at increasing bilateral trade and investment ties with India, its High Commissioner Stewart G Beck has said.
Canada has fielded a strong business delegation, which includes its top firms from the Information and communication technologies (ICT), oil and gas, infrastructure, clean technology and financial services sectors.
"More than 85 Canadian delegates (from the private sector) representing 70 companies are taking part in VGS."Beck told PTI.
The country's participation follows the Indian visit of Canada's Minister of International Trade Peter Van Loan in November last year.
This was for negotiating an agreement on comprehensive economic participation (CEPA) with India to boost the two-way trade to USD 15 billion over the next five years.
"Canada and India are committed to increase annual bilateral trade to USD 15 billion within the next five years.
Our participation at VGS highlights Canada's strengths," High Commissioner Stewart Beck said.
The High Commissioner said Canada seeks to showcase commercial strength in India, promote the country as an investment destination of choice and provide a platform for Canadian business to engage with Indian counterparts.
"Canada's participation in the VGS will serve as an additional impetus to increase bilateral trade and investment ties between the two countries," Beck added.
A number of Canada's provinces and federal agencies will also participate in the summit, which involves seminars on investing in Canada. The seminars will showcase on its commercial strengths in areas like automotive and clean
technology sectors.
It would also give an overview of various investment opportunities in Canada and explain the benefits for Indian investors to invest there.
Eleven memorandum of understanding (MoU) will be signed during this summit by Canadian companies, most of whom are interested investing in the manufacturing plant in Gujarat, Beck added.