New Delhi: Canada and India are experiencing an unprecedented thaw in relations, said Canadian High Commissioner Christopher Cooter, adding that it “probably never been as good a moment” for bilateral ties.
Cooter highlighted a dramatic “180 degree turn” since last year, describing the two economies as “complimentary gears” set to propel each other forward, according to a WION report.
“We are already an energy superpower, moving from being a provider to the United States to a provider to Asia and particularly India,” he was quoted as saying. On security, Cooter emphasized restored trust through regular intelligence exchanges and joint efforts against extremism.
Long-term global capital is increasingly looking towards India, Commerce and Industry Minister Piyush Goyal said last week, adding that in his recent interactions with leading investors from New York and Toronto, every discussion reinforced confidence in India's future growth trajectory.
He said that the question for investors is not whether to invest in India, but how quickly they recognise and participate in the India growth story. Referring to his visit to Canada with the largest business delegation ever to travel from India, he highlighted the positive response received for a proposed India-Canada Free Trade Agreement and the strong investor interest from pension funds, insurance companies and other institutional investors.
Addressing global investors and business leaders, Goyal said India is recognized as the world's fastest-growing economy and expressed confidence that the country will continue to maintain this position for over two decades into the future.
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India eyes Canada as possible crude oil supplier In the meantime, India is also exploring the possibility of importing crude oil from Canada, High Commissioner Dinesh Patnaik said at the Global Energy Show in Calgary, Alberta. The country’s newer refineries are built to handle heavy crude, which makes Canadian oil grades a suitable option. Officials from both nations are holding regular meetings to explore opportunities for Canadian energy sourcing, Patnaik said. Canada ranks as the fourth-largest crude oil producer globally and the fifth-largest natural gas producer. Global investors remain cautious about Canada’s regulatory framework and project approval procedures, which may impact the speed of energy cooperation between the two countries, he noted. |
