British Columbia and India trade relations take flight

British Columbia and India trade relations take flight

October 21, 2016 Posted by Willow Easton

Air Canada’s inaugural non-stop flight between Vancouver and New Delhi lifted off yesterday, signifying a new altitude to B.C. and India trade relations. The direct flight cuts the air time between the two cities from 22 hours to 14, which now puts India on par with travel time to China, B.C.’s second largest trading partner.
 
B.C. exports to India have jumped from $201 million in 2011 to $623 million in 2015, making India B.C.’s fifth-largest trading partner. Currently the top 5 B.C. exports to India are: Copper Ores and Concentrates ($351m); Bituminous Coal ($172m); Semi-Chemical Wood Pulp ($24m); Newsprint ($17m); Lumber ($11m).
 
This new direct link provides a catalyst to the rapidly increasing trade opportunities between B.C. and India in other sectors including:
 
Technology
A recent BC-India Partnership Summit held in Vancouver highlighted the match of strengths between B.C. skills and knowledge to India’s Smart Cities mission, launched last year by Indian Prime Minister Narendra Modi. The initiative calls for redevelopment of 109 cities in India to make them sustainable and more livable. The proposed upgrades call on international expertise and technology to improve sewage treatment, communication networks, and water and power systems. B.C. companies are leaders in Clean-Technology and ICT and experts can now easily jet to India to uncover needs and share knowledge.
 
Finance
India is one of the world’s fastest-growing emerging markets with growing financial and investment opportunities. B.C. recently became the first-ever foreign government to issue an Indian Rupee denominated bond in the Indian offshore market. The bond issue demonstrates the Province’s confidence in the future of India’s economy and enhances B.C.’s profile as a trade and investment partner with India.
 
International Education
With more than 450 million students and an emerging economy, India has a rapidly growing demand for education services. The number of Indian students studying abroad is growing by 10 to 15 per cent annually. There are also significant opportunities to offer British Columbia training programs abroad, through offshore branch programs and campuses in India.
 
Film
In 2015 more than two billion movie tickets were sold in India, placing the country as the leading film market in the world. British Columbia provides a competitive environment for the film, television and digital media industry with generous tax credits, incentives and support.
 
Finance Minister Michael de Jong was aboard the inaugural direct flight, leading an investor tour to India to advance bilateral trade and investment opportunities for B.C. businesses.
 
What are you waiting for? Book a flight and connect with B.C. through our local Trade and Investment Representatives in Delhi, Mumbai, and Chandigarh
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