PRIME Minister Stephen Harper on Wednesday welcomed the announcement by Cameco, a Saskatoon-based Canadian company, of a contract for the supply of over seven million pounds of uranium concentrate to India over the next five years for the generation of electricity.
The contract with India’s Department of Atomic Energy was signed during the official visit to Canada by Indian Prime Minister Narendra Modi and was witnessed by both leaders.
“I congratulate Cameco on this contract for India’s nuclear-generated electricity program, which will generate jobs and economic growth in Saskatchewan. Our Government is proud to have helped this business deal come about through the signing of the Canada-India Nuclear Cooperation Agreement,” said Harper.
“Canada and India have a longstanding and mutual interest in expanding our trade relationship, particularly in the area of energy cooperation. This contract is a clear signal that our countries are open for expanding business partnerships together.”
The export contract is specifically for Canadian uranium, which will be sourced from the company’s operations in northern Saskatchewan. The sale will permit the Cameco group of companies to establish itself in one of the world’s fastest growing uranium markets.
The signing of the contract is a clear signal of Canada’s increased energy cooperation with India and a testament to the Government’s efforts to promote greater trade and investment with India.
The supply contract was made possible by the Canada-India Nuclear Cooperation Agreement (NCA) which came into force in September 2013. The NCA and a supporting Administrative Arrangement allow Canadian companies to export nuclear items to India for peaceful uses in accordance with Canada’s nuclear non-proliferation policy and subject to appropriate export licenses and permits.
The Canadian Nuclear Safety Commission is responsible for the implementation of the Canada-India Nuclear Cooperation Agreement, ensuring that Canadian exports only go to facilities in India under International Atomic Energy Agency safeguards.
Quick Facts:
* Canada’s nuclear industry accounts for 30,000 high-quality jobs and helps make Canada’s electricity supply among the cleanest in the world.
* Canada is the second-largest producer of uranium globally, with exports valued at more than $1 billion per year.
* Uranium mining provides close to 5,000 jobs, and over 45 per cent of mine site jobs are held by Aboriginal employees.
* India is currently the fourth-largest energy consumer in the world and is expected to more than triple its electricity supply within the next 25 years.
* India is Canada’s largest trading partner in South Asia and is a priority market under Canada’s Global Markets Action Plan.
* With bilateral merchandise trade totalling nearly $6.33 billion in 2014 in addition to bilateral services trade of over $1.5 billion in 2013, a market of more than 1.2 billion people, and a predicted economic growth of 7.5 per cent in 2015, India represents exciting opportunities for Canadian businesses.
HARPER and Modi on Wednesday also witnessed the signing and finalization of six significant initiatives between Canada and India that will help to further advance bilateral relations between the two countries. They were joined by Ed Fast, Minister of International Trade.
The initiatives will promote greater collaboration in the areas of civil aviation, railway transportation, education and skills development, space, social security and maternal, newborn and child health.
“The historic visit by Prime Minister Modi to Canada combined with the number and scope of agreements signed today between our governments clearly demonstrate the commitment of both countries to taking bilateral relations to new heights,” said Harper.
Quick Facts:
* Canada and India have longstanding bilateral relations built upon shared traditions of democracy and pluralism, and on strong interpersonal connections with the approximately 1.2 million Indian diaspora community in Canada.
* With bilateral merchandise trade valued at $6.3 billion in 2014 and bilateral service trade at over $1.5 billion in 2013, a market of more than 1.2 billion people, and a predicted economic growth of 7.5 per cent in 2015, India represents exciting opportunities for Canadian businesses.
* The stock of two-way foreign direct investment (FDI) between Canada and India totalled approximately $4.4 billion in 2013. Of this, the stock of FDI in Canada from India is nearly $3.8 billion and the stock of Canadian FDI in India stood at $613 million.
