"India requires long-term predictable supply of natural resources of energy including uranium, oil and gas, and Canada is ready to help India," Finance Minister Jim Flaherty said.
"India needs investment in infrastructure, railways, energy, water supply, roads and development, and Canada is in a position to help India meet its economic needs on a long term basis," he said addressing a meeting organised by Panorama India, a non-profit organisation of Indo-Canadian bodies, to commemorate Canada-India day on Sunday.
The Canadian Finance Minister stressed the need for a high quality free trade agreement if the two countries desired a durable trade relation.
"We are actively perusing trade and investment opportunities in systematic and sustained way in India. Similarly, we expect more Indian investment in Canada. India has already made a good start by investing couple of millions in Canada," he noted.
Panorama India has made significant contributions in promoting India Canada relations and had made sizeable contributions to Tsunami and Prime Minister's of India Relief fund and Royal Ontario Museum, he added.
The government of Canada considers India to be a priority market for the country. And we are delivering on our commitment to strengthen our relationship with India, Flaherty said.
The Foreign Investment Protection and Promotion Agreement that has been finalised last month between Canada and India is a concrete step in our efforts to secure improved access for Canadian firms to a rapidly growing market, Flaherty said.
Speaking on the occasion, Ontario Premier Dalton McGuinty said the province was exploring business opportunities in India in the food-processing sector. Thirty-five trade agreements that were signed during the Ontario Trade Mission to India in January last were taking concrete shape.
Ontario-India trade crossed USD one billion in 2006, an increase of 80 per cent in the past five years, he said commending the contributions made by Indo-Canadian community in various sectors of economy and social and cultural fields.
Indian High Commissioner R L Narayan said both countries share common values and believe in multiculturalism and rule of law and observance of India Canada day together was a living example of it.
"Canada and India have long-standing ties, built upon shared values of democracy and pluralism and on strong people-to-people links," Narayan added. Similar views were also expressed by Satish Mehta, Consul General of India.
Raghu Nayak, co-chair for Panorama India said the organization was a non-profit umbrella organisation of Indo-Canadian bodies of Greater Toronto Areas was playing an increasingly prominent role through targeted activities particularly covering youth, culture, arts and literature to promote better understanding in Canada about India.