Canada sees growth market of its forest products in India | business | Hindustan Times
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Canada sees growth market of its forest products in India

business Updated: Jan 19, 2014 15:32 IST
oil and gas sector

After oil and gas and power, Canada is strongly pitching for its forestry sector saying India is a strong potential growth market for Canadian forest products.

"As India grows, its demand for wood products is expected to soar. As a world leader in high quality forest products, Canada is well positioned again to meet much of that demand," Canadian minister of natural resources Joe Oliver, who was in the city over the weekend, said.

India has been one of the key markets for Canada in the field of oil and gas and nuclear energy, he said.

"We have signed a MoU with India on oil and gas for strategic and technical cooperation, which will include joint research, exchanging expertise and promoting cooperation between our oil and gas companies. Besides, we have also signed the nuclear cooperation agreement due to which companies from both countries can export and import controlled nuclear materials, equipment and technology," Oliver said.

Canada sees a huge potential in the area of forestry as demand for doors, windows and mouldings, packaging, furniture and pulp and paper in India is increasing, he said.

"Last year, we provided financial support to British Columbia to open a wood market development office in Mumbai. That is showcasing Canadian wood products in office furniture and door and window applications and opening new possibilities for both countries," Oliver said.

Companies like Aditya Birla Group are investing directly in Canada's forest sector, with ownership of two dissolving pulp and mills and investments of $250 million, he said.

"We welcome this kind of investment because we know it is win-win, generating profits for Indian investors and jobs for Canadian workers," Oliver added.