Financial Daily from THE HINDU group of publications
Tuesday, Feb 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 08, 2005 |
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Industry & Economy
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Foreign Trade Canadian team woos Indian cos Our Bureau
Hyderabad , Feb. 7 A TRADE-CUM-OFFICIAL delegation from Canada has made a pitch to attract Indian corporates to set up shop in the Greater Toronto Area (GTA). The GTA, comprising 29 municipalities, is considered the economic engine of growth of Canada. "It can be your destination for global sourcing and provide access to NAFTA markets," said Ms Karen Campbell, President & CEO of the Greater Toronto Marketing Alliance (GTMA). With a just 2.4 per cent inflation rate over the last five years, interest rates of just 4.25 per cent and 350,000 residents in Toronto area being of Indian origin, the region offers attractive incentives for Indian companies. Speaking to members of the corporate sector in Hyderabad recently, Ms Hazel McCallion, the Mayor of Mississauga and Honorary Co-Chair of the GTMA said: "We have the private sector joining hands with the municipalities in the region, which has made things very efficient." As a `near shoring' destination to the US markets as well as providing a low-risk business environment and low-cost access to North America, the region has good potential for Indian companies, the delegation said. A third of all the foreign students in the GTA region come from India. The delegation has focused attention on IT, biotechnology, mining, media and entertainment, etc. Already, IT companies such as Infosys and Satyam have established a strong presence in the region.
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