Indo-Canada trade likely to touch $15 billion by 2015: Minister

VADODARA: India and Canada have potential to expand their annual trade volume to $15 billion by 2015 from $5 billion now, a senior member of a visiting Canadian delegation has said.

A high-powered delegation from Canada's New Brunswick province is on a visit to India to expand trade ties and explore new investment opportunities.

The team includes Ralph Bruce Fitch, New Brunswick Minister of Economic Development and Craig Edward Leonard, Minister of Energy & Mines besides representatives from various Canadian companies.

Its members will be meeting industry and government officials and seek their participation in exploring the province's rich energy potential.

"New Brunswick is in a position to play a key role in supplying India with feedstock required for natural gas, oil and fertilisers," Leonard said addressing members of Vadodara Chamber of Commerce and Industries (VCCI) last evening.

"Clearly, this has a huge potential for us. India's demand for natural gas at this point is really insatiable. It's going to increase about five-fold over the next six or seven years."

"Several companies from India have already visited New Brunswick to check its infrastructure. About $5 billion in trade is taking place annually between Canada and India and there is an endeavour to push that to $15 billion by 2015," the Energy Minister said.

A lot of business opportunities exist in sectors like fertiliser, BPO/IT, energy, small and medium enterprises, Leonard said.