Minister Oliver Concludes Mission To India

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 Minister Oliver Concludes Mission To IndiaMumbai: Joe Oliver, Canada’s Minister of Natural Resources, concluded his successful economic mission to India this week, where he met with top government officials and industry leaders to strengthen investment, innovation and partnerships with Canada in the natural resource sectors. India is the world’s fourth-largest energy consumer, with energy consumption expected to double by 2025.

“The Government of Canada recognizes that Canadian exports to India are vital to our future prosperity. We continue to achieve tremendous progress in trade, investment and scientific innovation,” said Minister Oliver. “Our government is aggressively pursuing agreements with countries in the Asia–Pacific region to give Canadian businesses an opportunity to compete in the fastest-growing region in the world.”

The Minister’s visit supports the Government of Canada’s priority to increase market opportunities for the export of Canadian natural resources to create jobs, growth and long-term prosperity. India’s GDP is expected to grow at least six percent per year over the next five years — meaning that India’s demand for energy will soon outweigh the current supply.

Canada is well positioned to help India meet its energy needs. The importance of strengthening our energy relationship with India is underscored by Canada’s vast reserves of natural gas and its capacity to become a major exporter of liquefied natural gas. The Minister reinforced Canada’s role as a responsible energy supplier and advanced opportunities to diversify natural resource exports to India.

“Our government is committed to an ambitious trade plan that benefits all Canadians,” said Minister Oliver. “As you know, the natural resource sectors directly and indirectly employ 1.6 million Canadians and drive almost 20 percent of our economic activity. We will continue to focus on what matters to Canadians — jobs, growth and long-term prosperity.”

Minister Oliver also delivered speeches and participated in roundtables with Indian energy, mining and forestry stakeholders and investors.

Last year, Canadian exports to India increased by 27 percent and imports from India increased by over 19 percent. India’s bilateral trade with Canada totalled $5.1 billion, and two-way investment reached $5 billion. This week’s constructive discussions aim to further build on this important bilateral relationship to increase trade and economic growth for both countries.

“Canada and India are working together to encourage further trade, investment and technological innovation in our natural resource sectors,” added Minister Oliver.