India, Canada Considering Diamond Mining Cooperation

India and Canada, two diamond power houses, are to consider diamond mining cooperation. The idea was agreed on during a meeting between India’s Minister of Commerce and Industry, Kamal Nath, and Ontario’s Minister of Economic Development and Trade, Joseph Cordiano.

Nath voiced interest in investing in Canadian diamond mines, which will secure a source of rough diamonds for the Indian diamond manufacturing industry.

Both ministers are interested in expanded mutual trade between the two countries. Annual bilateral trade has more then tripled since 1992 when it stood at 788 million Canadian dollars (US$686 million).

By 2004, bilateral trade reached 2.45 billion Canadian dollars ($2.133 billion), but India’s share in Canada’s imports is only about 0.5 percent.

More than half of India’s direct investment in Canada is in pulp and paper.