Canada firm woos Indian investors

Short of rich immigrants, a Canadian company is looking for Indian investors to invest and settle down in a Canadian province.

Island Business Initiatives Inc has tied up with WWWICS, which claims to be the largest global resettlement solutions company operating across the globe. "We are looking for a pool of young investors from all over India who are willing to settle down in the Canadian province of Prince Edward Island," said Kenneth A Clark, president of Island Business Initiatives Inc, a Canadian company.

"The interested person must have a net worth of Rs 1.5 crore(Rs 15 million), which includes assets like money, land or real estate," Clark told Business Standard today.

"He must be interested in investing Rs 76 lakh(Rs 7.6 million) in a venture in Prince Edward Island. The person will be made a director of the company and he and his family will get Canadian citizenship after a three-year stay in the province," he explained.

"There is also an option to invest Rs 42 lakh(Rs 4.2 million) and avail a loan of the remaining Rs 34 lakh(Rs 3.4 million) from the Candian government," he said.

Clark said Prince Edward Island was recently ranked by KPMG as among the most cost effective sites in North America to operate a business.

"Besides, as compared with India, the cheap price of land is another attraction for investors, as 100 acres of land cost $ 2,000(Canadian dollars)," he said.

"The company has already organised such seminars in about ten cities of northern India and the response has been good, with people showing interest to invest and immigrate to Canada," said J S Ahhluwalia, vice-president business immigration(WWICS).

Besides India, WWWICS also plans to look for such investors in China. Island Business Initiatives is also planning to tie up with the Himachal Pradesh government to produce better quality of potatoes in Himachal and explore the possibility of growing blue berries here.

"We could also import Himachal's renowned handicrafts to Prince Edward Island which could then find its way into the United States," said Clark.