New investment in trade with India
Jan. 15, 2014, Ottawa - Canada has boosted its investment in expanding the Indian wood products market to $1.8 million.
The Honourable Joe Oliver, Canada's Minister of Natural Resources, announced a new investment to support Canada's forest products market development office in Mumbai. Forest Innovation Investment India (FII India) is helping Canada to expand its forest product trade with India by identifying new opportunities for Canadian wood products and building local relationships. Minister Oliver made the announcement following a roundtable with forest industry stakeholders at the FII India office in Mumbai.
India has a strong demand for wood that is not currently met through its domestic supply, presenting important opportunities for Canadian wood products. The Mumbai office is showcasing Canadian wood products applications, including office furniture and door and window manufacturing, to demonstrate to builders, buyers and officials that Canadian wood products are among the best in the world. Exports to India in these areas are expected to grow steadily.
The Government of Canada is investing $600,000 through the Expanding Market Opportunities Program to support the ongoing work of FII India. This new investment builds on previous investments of $1.2 million, bringing the Government of Canada's total investment to $1.8 million. FII India is also supported by the Government of British Columbia.
For more information on trade development with India, read Eastern promises.
-- Canada is a world leader in the responsible production of high-quality forest products and is well positioned to meet India's growing demand.
-- Canada's continued collaboration with India to expand market access is expected to create new opportunities for the Canadian forest sector and new choices for builders in India.
-- In 2012, Canada-India bilateral investment was valued at $4.4 billion and two-way trade totalled $5.1 billion.