CIBC Report Indicates Ontario Needs to Shift Export Focus to Booming Economies like India

A report from Toronto-based CIBC World Markets Inc. indicates Ontario companies need to shift gears and focus on export opportunities to India or risk falling further behind other jurisdictions that have strong trade relations with the emerging economy. Despite producing goods and services that would serve the India market, Ontario companies export only $400 million a year to India. Approximately $1.2 billion worth of India’s goods and services are exported to Ontario. The report highlights that India would benefit from Ontario’s well-known capabilities from developing infrastructure, improving food supply safety, and expanding educational linkages. The report observes that “trade with Ontario has underperformed not just relative to potential but also relative to most of India’s trade partners.”