Canadian state eyes 10-fold jump in trade

MUMBAI: Michael De Jong, the finance minister of the Canadian province of British Columbia, says he is eyeing a 10-fold jump in trade with India over the next few years. De Jong is betting on companies from India exploring opportunities in sectors such as coal and natural gas while businesses from the Canadian province seeking opportunities in areas such as life sciences, aerospace and agri-food processing.

Terming the bilateral trade between India and British Columbia as woefully low, De Jong told ET there was room for improvement. He said India could rise to the third spot in terms of volume of trade with British Columbia, up from its current slot at No. 14.

"We did $300 million of trade last year, (but) I see a potential for $3 billion. India has more to offer Canada than shrimp, which I believe registers as one of the top exports. We can do way better. For us, we are blessed with abundant natural resources and we understand that in India there is an insatiable appetite for coal, natural gas and fertilizers. These are areas where both sides can work together," he said.

To facilitate closer interaction with Indian businesses, British Columbia recently opened two new offices in Mumbai and Chandigarh. The Canadian province has a population of 4.4 million, of which almost 3,50,000 are people of Indian origin - most with links to Punjab.

Some of the key business deals between companies based in British Columbia and Indian corporates include an association between Westport and Tata Motors to develop light and medium duty truck engines, and an arrangement involving fuel cell systems between Ballard Power and Idea Cellular. Advinus Therapeutics, a research-based pharmaceutical development company promoted by the Tata Group, and SignalChem Pharmaceuticals, a British Columbia-based drug discovery company, have signed a multi-year collaboration pact to develop cancer drugs. British Columbia is Canada's Pacific gateway, a meeting place between east and west.