A recent survey conducted by Asia Pacific Foundation found that India is becoming the most sought after country for Canadian companies. According to The Asian Investment Intentions Survey, China still remains the first preference for Canadian companies but interest in India has gone up from 8 percent in 2005 to 13 percent in 2010. As many as 504 Canadian companies were targeted by the survey. China remained their first preference with 21.1 percent respondent companies opted for China. About 13.4 percent opted for India, 9.9 percent for South Korea and 9.2 percent for Japan.
Foundation president and CEO Yuen Pau Woo said, “While China remains the top investment market for Canadian companies, the economic might of the region as a whole is a growing reality that Canadian companies ought to explore and seize.” “Canadian firms are slowly latching onto these investment opportunities, especially in growing economies in India and Southeast Asia.”
With the average annual growth of 8.75 percent between 2003 and 2007, India is emerging as an economic heavyweight in the region. According to Export Development Canada president Eric Siegel, “Canadian investors are smart to be feeling bullish about investing in Asia. The long-term competitiveness of Canadian companies will be increasingly determined by how well they can integrate into supply chains in the emerging economies of Asia.”
Economic and trade opportunities between Canada and India intensified in 2009, when Prime Minister Stephen Harper visited India but the two-way annual trade between India and Canada is still weak with only about $5 billion.
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