May 24, 2005
Contact: Dave Stephen
Phone 604-864-4611
Fax: 604-859-6653
Email: dave.stephen@ucfv.ca
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Investment in India’s Punjab urged at BC business forum
Canadian entrepreneurs and businesses were encouraged to invest in the expanding economy in India’s Punjab region at a forum held Monday in Surrey. Keynote speaker Captain Amarinder Singh, Chief Minister of Punjab, told the 400 attendees at the "Bringing BC and India/Punjab Together for Business" forum that his mission on this visit to Canada was to let Canadians know about the many new and developing economic opportunities in the Punjab, while reminding them that their investment could also help address poverty issues in the region.
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Captain Amarinder Singh, Chief Minister of Punjab, with forum participants
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Reviewing how the difficult times and tensions took the focus of Punjab’s government from the mid 1970’s to mid ’90 s, the Chief Minister (a position equivalent to that of a Canadian premier) noted "it is only since 2002 that our government has been able to look at economic development. We want to exceed the Indian government’s target of 8% economic growth -- we are close, with annual economic growth (in the Punjab) now in the 6 to 7% range… but we require investment."
Discussing the transformation from a largely agricultural economy to a more industrialized one, Chief Minister Singh noted that they now have political stability, law and order, and are working hard to reduce corruption, and that his government has invested heavily in the past few years in transportation, power projects, and communications.
He also reported that he chairs a special governmental committee to help empower industrial and business entrepreneurs and avoid bureaucratic hang-ups -- often a criticism of dealings with governments in India.
"We have facilities available, we have the workforce," he emphasized. "We are working to help Punjab come back to being the number-one state in India."
University College of the Fraser Valley President Skip Bassford spoke of his institution’s related initiatives, including the Centre for Indo-Canadian Studies and Research, to enhance Canada-India business development. "Support for the establishment of our Centre is strong and enthusiastic. The provincial government recently committed to establishing a BC Regional Innovation Chair on Canada-India Business and Economic Development at the Centre. We are poised to use the ‘social capital’ of the community here to foster growth in Canada - India business, specifically in the Punjab."
Other presentations at the forum focused on specific sectors and issues. Valli Chettiar, President of the Canada-India Business Council (BC), noted "people-to-people linkages need to be translated into stronger business-to-business linkages." She also urged more BC-Punjab trade missions.
Agri-businessman Parm Bains - also the chair of the Campaign for the Centre for Indo-Canadian Studies and Research (CICSR) at the UCFV - outlined how 90% of the blueberry industry is controlled by the Punjabi-Canadian community, and that there is strong interest in blueberries in India. "There are opportunities to introduce blueberries and other BC crops to India, and to export agri-business technology and information."
BC Finance Minister Colin Hansen reviewed BC-India initiatives over the past few years and how BC is developing "as the gateway to the Asia-Pacific for North America."
Also presented were details on the drive by UCFV to establish the Regional Innovation Chair on Canada-India Business and Economic Development. A $1.25- million fundraising campaign is now underway to access matching funding from the provincial government. The previous day, Chief Minister Singh, on visiting UCFV’s Abbotsford campus, pledged $50,000 worth of books and resources to enable the CICSR to continue its work. He also announced the creation of a similar Chair at Punjabi University (in Patiala) to work closely with the UCFV Chair, and he pledged to support a new centre in Indo-Canadian studies at Panjab University in Chandigarh.
The forum was a joint endeavour between UCFV, the Canada-India Business Council, Asia Pacific Foundation, Fraser Valley Indo-Canadian Business Association, Indo-Canada Chamber of Commerce, the Indo-Canadian Business Association of Surrey and Mehfil magazine.
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