7 months ago
India Eyes Canada's Resources for Growth
India and Canada are talking about doing more business together.
The leader of British Columbia, Premier David Eby, recently visited India and met with big Indian companies.
These companies are interested in buying natural gas and minerals from Canada.
They want to invest in Canada's resources to help their own growth.
Canada is also trying to sell more goods to countries other than the US.
This is important because the US has put tariffs on some goods, making it harder for Canada to sell there.
Both countries have reasons to work together, especially as India wants to use more natural gas instead of coal to reduce pollution.
Indian businesses are interested in investing in Canadian liquefied natural gas (LNG) and minerals like rare earth elements, nickel, and copper.
Premier David Eby of British Columbia discussed potential investments and processing on-site to reduce transportation costs during a trade mission to India.
Canada aims to double its non-US trade in a decade, with India being a key target market.
India plans to increase its energy mix to 15% LNG by 2030, shifting away from coal to cut pollution.
The discussions mark a turnaround in Canada-India relations, following previous diplomatic tensions.
- Who
- Premier David Eby of British Columbia, Indian business executives, Canadian Prime Minister Mark Carney
- What
- Discussions on investment in Canadian resources, particularly LNG and minerals
- Where
- British Columbia, Canada, and India
- When
- During a recent trade mission and at the BC Natural Resources Forum
- Why
- To secure energy sources and diversify trade due to high long-term growth rates and tariffs
Key facts
- Countries Involved
- India, Canada
- Key Industries
- Liquefied Natural Gas, Minerals, Energy
- Canadian Province
- British Columbia
- Indian Companies
- Indian Oil Corp, Hindustan Petroleum Corp, JSW Group, Hindalco Industries Ltd, Tata Steel Ltd, Reliance Industries Ltd
- Canadian Leaders
- Premier David Eby, Prime Minister Mark Carney, Minister Tim Hodgson, Minister Ravi Kahlon
- Trade Goal
- Double non-US trade in a decade
- Energy Mix Target
- 15% LNG by 2030
- LNG Project
- LNG Canada
Quotes
David Eby
Premier of British Columbia
“They were keen on a number of fronts. They were interested in direct investment, including potentially processing on-site to reduce transportation costs.”
theprint.in
“They really want to secure those off-take agreements: rare earth elements, nickel, copper were key areas of interest for them.”
theprint.in
Ravi Kahlon
BC’s minister of jobs and economic growth
“What we’ve heard from them was that they’ve been given clear direction from the top down that they must diversify their trade.”
theprint.in
“Indian executives expect their energy mix to go to 15% LNG by 2030 versus 6% today.”
theprint.in
Sources
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