Indian, Canadian firms launch new organisation

A new umbrella organisation has been established in an attempt to reinvigorate flagging commercial ties between India and Canada.

The Canada India Economic Council or CIEC was launched in Toronto on Wednesday. It’s mandate is to “assist in the development of economic opportunities for businesses and investors based both in Canada and India and facilitating investment opportunities which can strengthen bi-lateral trade relations and economic partnerships between both the countries.”

CIEC’s board constitutes of executives of companies in Canada and India across a range of sectors.

Arun Srivastava, the first president of CIEC, told the Hindustan Times that the non-profit organisation was formed to try and plug the “gap” in the economic and investment relationship between the two nations, which he described as being “stagnant.”

CIEC will focus on mid- to large corporations that seek to operate across the two nations. “We will assist companies that are serious about doing work but don’t know how to go about it,” he said.

While the organisation will build upon its own network, it will also enjoy the support of the Indian Government.

India’s Consul General in Toronto Dinesh Bhatia said such an organisation was required since, “India-Canada economic relationship has vast potential and a significant portion of it remains untapped.”

Bilateral trade between the two nations is at an underwhelming $ 6 billion. Bhatia was hopeful that the CIEC would help accentuate the relationship at the business-to-government level.

Srivastava, who is also the CEO and president of the Mississauga, Ontario-based company Paystation Inc, said the first CIEC delegation will visit India in January next week and its schedule will include the cities of Mumbai, New Delhi and Ahmedabad.