From a radio journalist to the Premier of British Columbia, Christy Clark has come a long way. She has been aggressive in marketing her province to attract more investments from India. In an interview at the sidelines of Indian Economic Summit with Sanjay Jog, Clark discusses her strategy.
What are the key areas in which British Columbia wants to attract Indian investments?
At the outset I must tell you that India is on our radar for attracting more and more investments. It is India and Indians in particular which have played a crucial role in the development of British Columbia and it is our turn to contribute in the building of India. We want Indians to come in a big way and invest in LNG pipeline infrastructure, clean energy, education, mining, life sciences, digital media, films and gaming.
Currently, British Columbia has undertaken an ambitious project to develop LNG pipeline infrastructure with a total investment of Canadian dollar 25 billion. The first phase is expected to be completed in 2015 and the subsequent phases by 2020. So far, none of the Indian companies have participated in the bidding process, but we expect them to come and invest in this project. Chinese companies have submitted their bids. This apart, British Columbia has abundant reserves of shale gas in which Indian investors are welcome.
Mining is a major sector and the reserves of metallurgical coal in particular are quite huge. The Tata Group has shown interest in picking up stakes in coal mining but so far no bids have come from them. On the other hand, China Investment Corporation has recently picked up a 40 per cent stake in our largest coal company, Teck-Cominco. Besides, we have huge reserves of copper and bauxite. Recently, Mitsubishi Corporation picked up a 100 per cent stake in a copper producing company for the procurement of copper. Indian companies must hurry.
What about clean energy and clean technologies?
British Columbia has 93 per cent of clean energy comprising hydro energy and the rest comes from wind, solar, geo-thermal, bio-energy. Indian companies can provide expertise to their counterparts in British Columbia for the development of more bio-energy, especially co-generation power projects. Similarly, companies from British Columbia can provide expertise in India in its attempt to promote clean energy and clean technologies.
How British Columbia is keen to attract Bollywood?
I must announce here we want to develop Vancouver as the Bollywood of the West. We also want the International Indian Film Academy awards to be held in British Columbia. I have requested the Indian President for direct air connectivity with Vancouver. I have held initial discussions with Jet Airways. This will attract more investments in films and also promote tourism.
How can India and British Columbia tap investment opportunities in the education sector?
The opportunities are quite huge. The University of British Columbia will soon be among the top 20 universities across the globe. With the increasing younger population in India, our universities can play a crucial role. There can be education highways between India and British Columbia.
Does your province restrict FDI or job visas?
There are no restrictions in FDI in British Columbia. We want more investments. Canada’s exports to India are of the order of Canadian dollar 2.1 billion, of which British Columbia’s share was a paltry Canadian dollar 131 million in 2010. The Canadian prime minister has set a target of increasing our exports to Canadian dollar 16 billion, and I want to increase exports from British Columbia to also grow. As far as immigration laws are concerned, they are quite liberal and provinces in Canada are keen to have more powers in the allotment of immigration visas. We are exploring an option whereby those who complete their education in British Columbia can directly get the visa for employment. This is totally different from US immigration laws.
Are companies from British Columbia facing major roadblocks in investing in India? What sectors do they want to invest in?
Pension funds from British Columbia are eager to invest in India, especially in its infrastructure, because India has planned an investment of $1 trillion in the next five years. Besides, companies are keen for investments in project management and water management. I will ask legal and architectural firms from British Columbia to tap investment opportunities in India. Besides, corporations from the financial sector can pursue their investments in India.
