Phoenix is proud to announce completion of its Canadian International Development Agency (CIDA) Industrial Cooperation Program ZINC) in India. "The Indian market place is not for the timid nor those in a hurry," says Susan Brown, CIDA INC's Manager, South Asia. "Phoenix Geophysics is a perfect example of how persistence ultimately pays off."
The purpose of INC is two-fold: it encourages the Canadian private sector to develop long-term links with the economies of developing countries and it enhances the developmental impact of commercially viable ventures. CIDA assists private companies during the study and assessment phase as well as during implementation of the project.
CIDA shares the cost of such activities as training, technology transfer and environmental and social impact assessments. Eligibility standards for the INC program are high; to receive assistance, the Canadian company must have a long-term business interest in the developing country and cannot be simply pursuing exports or a single sale. The company must also prove that there are benefits for Canada as well as the target country and that there is cost-sharing among all involved
Phoenix met all the requirements and successfully concluded agreements for cost-sharing in 1991 with Oil India Ltd., Oil and Natural Gas Commission and Indian Institute of Geomagnetism. The project field work followed in early 1993, with a training component completed in 1990.
"Out of all the countries where CIDA INC supports Canadian companies, India is one of the best performers in terms of commercial benefits to Canada and implementation rate," says Brown.
The Indian market is a good place for Canadians to do business. The benefits include a common language, the common law and the Commonwealth, according to CIDA sources. They also explain that the market is deregulating and opening up to foreign investments, improving the commercial benefits for both India and Canada.
One drawback to this burgeoning economy can be sorting out which of the many opportunities a company should pursue. CIDA INC helps in this area too, working within a joint federal/provincial program called Focus India.
Phoenix thanks CIDA INC for its support over the years.