Friday, March 31 2006 13:22 Hrs (IST) - World Time -

Toronto: Expressing Canada's commitment to strenghten ties with India, Prime Minister Stephen Harper has said the two countries need to work harder to realise the full potential of the bilateral relationship.

"As Canada looks ahead to the anticipated visit of the Indian Prime Minister later this year, two-way commerce continues to intensify and expand to new areas. Indeed, we are working towards a true partnership," Harper said in a message read out by Deepak Obhrai, Parliamentary Secretary to the Minister of Foreign Affairs, Peter Makay at a conference.

Observing that collaboration has intensified and bilateral trade reached record level, he said "There was a 25 per cent increase in Canadian exports to India in 2005. But we have much more work to do to bring the Canada-India relationship to its full potential," he said.

"Canada is also exploring the possibility of a free trade agreement with India," Harper said.

Foreign Minister Peter Makay in his message said Canada remains committed to strengthening the relationship between the two countries.

"India and Canada have much to offer to one another. Over the decades, we have built on our shared values of democracy, rule of law and commitment to the Commonwealth, and created a strong partnership," he said.

"And India's expanding role as a global player means the time is ripe for Canadian Businesses and investors, from a range of sectors, to become even more active in this immense market," David Emerson, Canadian Trade Minister said.

Over 100 top executives of Canadian and Indian Companies and government officials attended the Conference 'Canada and India: Opportunities Unexplored'. It was organized by Canada-India Business Council here yesterday.

Joe Cordiano, Ontario Minister of Economic Development and Trade said the state government has formulated long term and short term strategies to boost trade relations with India.

"An Indian desk has already been functioning in his ministry to guide Canadian companies about business opportunities in India," he said.

Inviting Canadian companies to invest in the Indian financial sector, Consul General Satish Mehta said "We have more leverage for foreign banks than domestic banks".

He cited the example of Birla Sun Life Insurance company, whose premium revenue was more than its Canadian premium revenue where it has been working more than one hundred years.

Scott Fraser, Director, Asia and Oceania Commercial Relations-International Trade Canada said the government was developing strategic plans to do business with India.

Shailesh Verma, President and Chief Executive Office of SBI (Canada) highlighted the contributions made by the bank to boost trade between the two countries.

Hari Pandey, President and CEO of ICICI Bank of Canada said the bank was helping Indian companies in listing their stocks on the Toronto Stock Exchange.

Kam Rathee, President of the C-IBC said there was a greater scope of cooperation between India and Canada in the financial sector, particularly in area of pensions and asset management and insurance.