Kamal Nath, the Indian Minister of Roads and Highways, made it clear during his speech at a reception and dinner in his honour that was organized by the Canada-India Business Council. He believes a Free Trade Agreement between Canada and India would be hugely beneficial for both countries and that he was in Canada to discuss the $41-billon in investments he is seeking for road construction in India over the next 3-4 years. In fact, representatives of pension funds and private equity firms learned about opportunities to expand infrastructure contracts and investment possibilities.

The 200 people who attended the reception and dinner at Le Meriden King Edward Hotel in Toronto on March 23, 2010 heard Minister Nath talk about the difference in attitude he was seeing compared to his last visit to Canada in 2007 and that he was experiencing more openness, understanding and willingness. The speech was a mixture of humour, reality, passion and optimism and the attendees responded with a standing ovation.

Minister Nath spent the first half of the reception hour spending time and conferring with executives from event sponsors MacQuarie Capital Markets Canada, Bennett Jones LLP, Bombardier, BMO Capital Markets and Emirates Airlines.
The Government of Ontario was also a partner. Nath then proceeded to the main reception and walked around shaking hands, talking with guests and taking pictures with them.

Stanley Hartt, Chairman of MacQuarie, said in his introduction of the Minister that his company has invested $150-million his company has contributed to an Indian Infrastructure Fund that was launched with Indian partners and currently has $1-billion in investment. Michael Rayfield, Vice Chair, Investment and Corporate Banking, BMO Capital Markets thanked the Minister and noted that although he and the Minister had attended St. Xavier’s College in Kolkata, India together Minister Nath graduated and he didn’t. The Government of India expects $5- billion in Canadian (Private Sector) investment for its road sector alone over the next three to four years. The evening provided attendees with a better understanding of the renewed Canada-India business relationship, contacts and commitments to follow up.