Namaste! Welcome to Ontario! The ties that bind Ontario and India are strong. Our province is home to a half million people of South Asian decent. One of Ontario's greatest strengths is the diversity of our people. We are the most diverse province in Canada. That allows us to speak in almost any language with any company, in any corner of the world including India. I'd like to introduce Members of Ontario's Parliament Dr. Kuldip Kular and Linda Jeffrey. They will join Premier McGuinty, Minister Takhar, and I in India in January 2007. This business mission is part of our aggressive strategy to reach out and help more companies break into key global markets. Ontario's expertise, products and services are a natural fit with the needs of India's powerhouse economy. We'll look for ways to work together to leverage our common strengths and boost the level of two-way trade between us. We want to encourage more investment in Ontario from Indian companies and institutions.
We have lots to offer to strengthen our two way trading relationship: While Canada's population of 33 million is dwarfed by India's one billion, Canadians are spread across ten provinces and three northern territories spanning 5,000 kilometres from coast to coast. That's about the same distance as New Delhi to central Libya. To be one of the world's most competitive jurisdictions which we are. We've had to develop a strong infrastructure to connect and support people, their businesses and their communities. This is a point of interest for India a nation also dependent on solid, modern transportation and other infrastructure systems to connect people and grow businesses.
India estimates it will need $170 billion in the next five years for infrastructure alone. That's great news for Ontario companies structural engineers, construction companies, architects and infrastructure consultants ready and able to help India modernize its economy. It's the same in terms of our manufacturing industries.
Consider the automotive sector. Ontario is the leading auto producer in North America. Our government introduced a $500 million investment strategy to help our automakers and parts suppliers invest in new technologies and innovations. In just three years, this has translated into $7 billion in new automotive investment and attracted thousands of jobs. We're very well positioned to help India's automotive and advanced manufacturing sectors modernize and grow.
The financial services sector is another pathway we can carve with India. More than 58 per cent or about 564 million people in India are under the age of 20. This large, youthful segment of the population will create enormous opportunities in the insurance and financial services sectors.
India is rapidly building its knowledge economy sectors. Research and development is an area where we share common strengths: India has a strong Information/Communications/Technology industry Toronto is the third largest ICT hub in North America. India has a strong, growing biotechnology sector. Ontario is the North American hotspot for the life sciences: More than half of Canada's pharmaceutical companies are located in Ontario;
And more than 60 per cent of Canada's medical device industry is here;
The MaRS Discovery District (you will visit MaRS later this week) is a North American hub where capital, science and business converge to turn the best Ontario ideas medical treatments and cures, bio products and technologies into reality.
When we consider these two sectors alone, it's exciting to think of what could come from combined efforts in these areas.
And Ontario businesses are leveraging these opportunities more and more: Diverse Ontario companies such as Magna, Celestica, Bata, and Lea Consulting have established successful operations in India.
Lea Consulting is a major contributor to India's road, highway and bridge engineering projects. And Magna opened two R&D facilities there last year building on its two India-based product development and engineering centres. Indian firms like Tata Consulting Services, Satyam Computer Services, Infosys, Ranbaxy Laboratories and ICICI Bank are already operating here. In 2005, Ontario exports to India increased an impressive 40 per cent over the previous year and our imports increased about 12 per cent. Ontario's new International Marketing Centre in New Delhi, which opened last February, is helping Ontario boost those two-way trade numbers skyward.
In developing our business program for India, we've benefited greatly from our partnerships with Indian organizations such as:
• The Confederation of Indian Industry,
• The Federation of Indian Chambers of Commerce and Industry,
• The Construction Industry Development Council,
• And the Bombay Chamber of Commerce.
Their advice and assistance on the ground during our mission will be important to our success. We will seek out partnership and contract opportunities in education, research and innovation, infrastructure, financial services and cultural industries.
We will build and strengthen these relationships to benefit both Ontario and Indian economies and create more prosperity for people.