Toronto: Ontario, Canada`s richest province
in natural resources, is set to sign a pact with India in the
field of mining to facilitate transfer of technology and boost
the Canadian investment.
"Ontario will sign a Memorandum of Understanding (MOU)
with India, (one of) the world`s fastest growing economy, to
step up Canadian investment and provide technology and
equipment. We know its importance for us," Ontario Mining
Minister Michael Gravelle said.
The minister was speaking at the `India Day` function at
a mining conference here yesterday.
Hemant Shah, Canada-India Business Council (C-IBC) mining
committee Chairman, said "Canada is a one-stop shop in mining
as the country has 16 world-class mining research institutions
that have developed high-tech tools that may help India in
exploration and exploitation of its mineral resources."
The MoU will benefit India from the first to the last
stage of its mineral development, said Shah, who is leading
the largest-ever mining delegation to India in November this
year.
"Global mining companies are eagerly waiting for India`s
new mining legislation that will introduce a new mining regime
which is investor friendly," Shah said.
The new policy is expected to be tabled in Parliament
this month and is likely to become law by the end of the year.
It will bring global mining players into India with their
investment, know-how and technology.
-PTI
