India and Canada aim to achieve a bilateral trade target of Canadian dollar (CAD) 15 billion in the next five years, a top government official said here.
"Indian and Canadian government have set an objective of increasing its bilateral trade to CAD 15 billion in the next five years period from the present CAD 4.2 billion," Consul and Senior Trade Commissioner-Western India Nicolas Lepage told PTI on the sidelines of a conference here.
Both countries have launched a Comprehensive Economic Partnership Agreement (CEPA), that would yield significant economic benefit for both countries and increase bilateral trade, Lepage said.
Canada exports telecom equipments and machinery, peas, pulses, potash and wood-pulp to India and imports apparel, yarns and fabric, precious stones, leather items and frozen seafood from India.
Several Canadian companies have made an investment of CAD 600 million in IT, life-sciences and infrastructure sectors in India in the recent past.
Among the leading Canadian companies, Bombardier Transportation has set up a unit in Gujarat to manufacture coaches for Delhi Metro.
Several Indian companies, including leading software players also have big presence in Canada. "Leading India software players namely Tata Consultancy Services (TCS), Wipro and Infosys have presence in Canada," Lepage said.
"Canada will be the partner country for Vibrant Gujarat business summit in January and we expect several Canadian companies to announce their investment plans," Lepage said.