'A lot to learn, offer': Goyal calls for deeper tech and trade ties with Canada

Union Commerce and Industry Minister Piyush Goyal, during the Indo-Canadian Business Chamber's Annual National Convention today, said there is a lot that India can learn from Canada and offer to the country. “We have tremendous potential in critical minerals and critical mineral processing technologies. We can diversify our supply chains on both sides of the ocean. We can focus on emerging technologies like artificial intelligence, with data centres, quantum computing, and machine learning — all these sewage technologies. India has very strategic benefits to offer for investors looking to leverage the AI and emerging technology ecosystem,” said Goyal.

He said India has the highest number of STEM graduates — around 2.4 million pass out every year. “The pool of talent, skilled manpower, is a very valuable resource.”

Goyal said that India is currently the most suitable place to focus on innovation for three reasons. “One, we have a very robust IPR mechanism and protection. Second, with huge databases available in India due to the large population, it becomes a perfect place for critical innovation. Also, the large-scale talent pool that we have to offer, and third, the cost of innovation in India would probably be one-fifth or one-sixth of what it would cost in the US or Canada or Europe. And therefore, you get a bigger bang for every buck that you invest in innovation by partnering with India.”

On Sunday, Goyal called on Israeli President Isaac Herzog and Prime Minister Benjamin Netanyahu at the conclusion of my three-day visit, and discussed the full spectrum of India-Israel strategic partnership, including trade and investment, science & technology, innovation, and deeper economic engagement. "Shared the positive outcomes of the Business Forum and the CEOs Forum, and the first big step towards FTA negotiations. Also underlined India's robust growth story and the wide-ranging business opportunities for Israeli partners,” he said.

Goyal said he updated the Israeli PM about his discussions with his counterpart Nir Barkat, and the successful holding of the Business Forum and CEOs Forum held with over 60-member Indian business delegation that accompanied the minister. “Highlighted the signing of the Terms of Reference to launch FTA negotiations, which will boost trade, investment and technology cooperation. Discussed strengthening our innovation partnership by combining Israel’s hi-tech strengths with India’s scale and talent. Took his guidance on further deepening bilateral economic and strategic engagement across the sectors of agriculture, water, defence, science & technology and innovation.”

On November 21, Goyal had said India and Israel had signed terms of reference for a free trade agreement (FTA). As per the minister, the proposed FTA between both nations will have the potential to unlock immense opportunities in the field of defence, cyber security and infrastructure.