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With investment in mind, Indian Finance Minister to visit Canada, US.

| New Delhi, April 13 (KUNA) --To interact with global business leaders and seek more investment, Indian Finance Minister P Chidambaram will leave tomorrow for a week-long business tour to Canada and USA.

In the first leg of his journey, Chidambaram will visit Canadian city of Toronto on Sunday where he is slated to address the Canadian-Indian Business Council and a round table meeting with Canadian Council of Chief Executives in which about 15-20 CEOs of major Canadian companies are likely to participate.

The Indian Finance Minister is also meeting his Canadian counterpart, Hon James Flahert in Ottawa and Mark Carney, Governor, Bank of Canada.

In the second leg of his foreign tour, Chidambaram is also scheduled to deliver an address on 'Rise of the East: Implications for the Global Economy' at Harvard University in United States.

According to the press statement issued here, the Indian minister is holding open discussion with audience besides interacting with faculty and students of Harvard University.

The week-long tour also includes meeting with the members of US-India Business Council (USIBC) and CEOs of leading US companies; participation in World Bank/International Monetary Funds' Spring Meetings, and G-20 Finance Ministers' and Central Bank Governors' meeting.

Among others, the minister will hold bilateral talks with US Treasury Secretary Jack Lew and will also participate in an event at the Peterson Institute for International Economics in Washington before flying back to New Delhi on April 22.

India's growth has slipped from 8 percent to over 5 percent in recent years and the country is trying hard to woo investors from outside. The Finance Minister has said during a recent visit to Japan that India could easily absorb USD 50 billion in foreign direct investments (FDI) every year and the tour to Canada and US is being seen as a step towards bringing more FDI into India.

Currently Canada is a net importer of FDI from India. The industry observers often say lack of a strong bilateral investment treaty is one of the main obstacles for Canadian companies not making investments in the country.

In 2007, both India and Canada had concluded a Foreign Investment Protection and Promotion Agreement, but it was put on hold after New Delhi started reviewing its investment policies. (end) mub.ibi KUNA 131748 Apr 13NNNN

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Publication:Kuwait News Agency (KUNA)
Geographic Code:1CANA
Date:Apr 13, 2013
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