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Investment Pacts Can't Be Subject to Foreign Jurisdictions: FM

Wednesday, 17 April 2013, 00:44 IST


Referring to Canadian Prime Minister Stephen Harper's visit to India in November last year, Chidambaram said that India and Canada have longstanding bilateral relations, built upon shared traditions of democracy, pluralism and strong interpersonal connections with an Indian diaspora of more than one million in Canada.

This expanding bilateral relationship received further momentum in the past three to four years and was supported by a wide range of agreements between the two countries.

During Harper's visit to India in November 2012, both countries committed to increase annual bilateral trade to USD 15 billion by 2015.

Referring to bilateral trade and investment between the countries, Chidambaram said that while imports and exports were roughly matched in both directions (with total trade approaching over USD 5 billion in 2012 as against USD 4 billion in 2010), the same was not true for bilateral direct investment.

Over 100 top executives of Canadian companies, Nirmal Verma, Indian High Commissioner to Canada; Stephen Beck, Canadian High Commissioner to India; and top officials of Finance Ministry and banking sector.

Dispelling fear of foreign investors regarding current account deficit, the Minister said that India was not immune to global economic crisis.

India's economic growth was robust (9 per cent) between and 2008 and it would gain momentum in next two three years.

India would be seventh largest economy in two-three years and fifth largest economy by 2020.

Due to global financial overturns, India faced two major difficulties: namely fiscal deficit and inflation.

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