The services sector comprises 70 per cent of Canada's GDP and about 55 per cent of India's GDP. There would be a growth in merchandise exports but I believe a much larger opportunity for both countries is in the services sector, as it comprises a significant portion of our and India's GDPs.
There are so many opportunities in the service sector that have not been tried. Merchandise exports are only $5 billion, and those in the service sector are hardly anything. We do not have any portfolio investment directly in India, and none of the Indian companies have invested in Canadian capital markets. Indian entrepreneurs are not able to tap the entrepreneurial ecosystem we have built in Canada. Thus Indian companies as well as Canadian companies are not able to tap each other's venture capital industry.
I believe there are much larger opportunities to enhance trade in financial and legal services, and in various types of professional services, which would generate a significant increase in export revenue for both India and Canada.