Commerce and Industry Minister Kamal Nath today said there is huge potential in Indo-Canadian co-operation as there are vast opportunities in the country for joint ventures and investments, especially in sectors like infrastructure, automobiles, power generation and petroleum.
Speaking at a bilateral meeting with Canadian Minister of Industry Tony Clement, Nath said India, among top producers of vegetables and fruit in the world, requires Canadian expertise in food processing ... This will add value and also save huge wastage as only 4 per cent of the output is processed.
He observed that growth in bilateral trade between the two countries has increased from USD 1.4 billion in 2003-04 to USD 3.2 billion in 2007-08 while FDI inflows from Canada to India have been USD 262 million, just 0.27 per cent of the total FDI inflows in the country.
"Momentum needs to be built up (in FDI)," he added.
He said the country needs USD 480 billion investment in infrastructure over the next five years.