India-Canada Partnership: A Force Multiplier for Emerging Sectors

Union Commerce Minister Piyush Goyal emphasized the strategic potential between India and Canada at the Indo-Canadian Business Chamber's Annual National Convention. He highlighted opportunities in critical minerals, nuclear energy, AI, and clean energy. Goyal noted existing strong bonds and outlined a vision for advancing economic partnership and innovation.

Union Commerce Minister Piyush Goyal has underscored the mutually beneficial prospects between India and Canada, suggesting that both nations can draw considerable advantages from each other's best practices. Speaking at the Indo-Canadian Business Chamber's Annual National Convention, Goyal pointed to India's vast potential in critical minerals and nuclear energy, along with emerging sectors like artificial intelligence, machine learning, data centers, and quantum computing.

Addressing the attendees in the capital, Goyal explained that collaboration in critical mineral processing and nuclear energy, bolstered by Canada's uranium supplies, presents a significant opportunity. He further emphasized India's strengths in cutting-edge technologies, proposing that an expanded and diversified supply chain could thrive across both sides of the ocean.

Highlighting India's resilience in clean energy, Goyal noted the national grid's 500-gigawatt capacity, crucial for AI data centers. With 250 gigawatts of installed clean energy and an ambitious goal to double by 2030, he promoted India's ability to offer 24-hour clean energy, linking this capability to the nation's large pool of STEM graduates as a valuable resource for Canada.

Expounding on India-Canada relations, Piyush Goyal described ties as enduring and dynamic, reinforced by robust investment and trade connections and a substantial Indian diaspora. He posited that the two nations' strengths complement each other, forming a potent force multiplier for businesses and investors. Recent bilateral engagements, including those between Prime Minister Modi and Prime Minister Mark Carney, have laid out a roadmap for an ambitious economic partnership agreement, with a target to double trade by 2030.

Goyal further advocated for increased business exchanges and interaction, referencing India's economic resilience as shown by firm GST figures, low inflation, significant foreign reserves, a thriving stock market, and a secure banking system. He proposed a five-pronged approach focusing on sector identification in critical minerals and clean energy, stimulating joint innovation, and energizing bilateral forums such as the India-Canada CEO Forum.

With bilateral trade witnessing a considerable increase in 2024, reaching $23 billion, Goyal emphasized the necessity to pinpoint priority areas, notably aerospace and defense capabilities. The Minister's vision sets a clear agenda for policymakers and business leaders from both countries as they aim to transform these dialogues into tangible achievements.

(With inputs from agencies.)