No. PR- 269
March 17, 2021
Latin America provides India considerable scope to expand Trade & Business in the region
Latin America provides India considerable scope to expand trade and business. The demand for good quality products at a competitive price is growing in the region with realization in the citizens that Indian products are suited for their needs, deliberated in the session of India- Americas Day: GRULAC – India Business Talk during the PHDCCI International Week.
H.E. Dr. Roger Gopaul, High Commissioner, High Commission of the Republic of Trinidad & Tobago in his presentation discussed the deep-rooted trade relations between India and Trinidad & Tobago due to its strategic location and high economy country. He mentioned that it’s a global leader in the export of methanol, ammonia, and LNG to the USA and one of the top countries for gap production. While there has been a steady rise in the bilateral trade between the countries, more trade can be explored in the industries including downstream energy industries; information and communication technologies; food and beverage; printing and packaging; fish and fish processing; merchant marine; leisure marine; film and broadcasting; music and entertainment and tourism.
H.E. Mr. Giovanni Castillo, Ambassador, Embassy of the Republic of Guatemala mentioned that there is a high potential of business between India and our nation but the lack of information has been the pivotal task to our economy. While deliberating about the location and economy of Guatemala, he shared that Guatemala has access to major American markets paving way for constant business and trade exchange. Sectors like pharmaceuticals, medical devices, electronics manufacturing services BPO, and ITO.
H.E. Mr. Claudia Ansorena Ph.D., Ambassador, Embassy of the Republic of Costa Rica while sharing the similarities of values and interests shared between India and Costa Rica mentioned that we need to increase our trade and cultural exchange.
H.E. Mr. Fleming Duarte, Ambassador, Embassy of Paraguay discussing the effects of the pandemic, mentioned that in these challenging times, we need to collaborate and cooperate. He mentioned that while India has become a vaccine hub, Paraguay carries immense potential for trade, investments, and joint ventures. Both nations should have free trade agreements and can explore business and trade exchange in the sectors like tourism, steel, clean energy, and Hydroelectric Power plants.
H.E. Mr. Suresh K. Reddy, Ambassador of India to Brazil while lauding the diligent efforts of PHD Chamber in actively promoting entrepreneurship in India discussed the opportunities available in Brazil for the Indian companies in areas of food processing, agriculture, minerals, and infrastructure.
H.E. Mr. Dinesh Bhatia, Ambassador of India, Argentina, Uruguay & Paraguay shared the optimistic growing relations between India and Argentina in trade exchange and there is potential to improve our exports and economic exchange to Argentina. India is one of the top trading partners for Argentina and it aspires to improve its trade ties with India by expanding its trade basket for export to India in the sectors like agriculture, spices, foods, pharma, energy, mining, IT, plastics, and tourism and project exports.
H.E. Mr. M Subbarayudu, Ambassador, Embassy of India, Peru, Bolivia mentioned that Latin America provides India considerable scope to expand trade and business. The demand for good quality products at a competitive price is growing in the region with the realization in the citizens that Indian products are suited for their needs. Looking at the challenges and opportunities witnessed due to the pandemic, there is a need to diversify and reconsider their priorities to review economies at the earliest. India is well placed to a close partner to the Americas in sectors like automobile and auto components; pharmaceuticals and medical devices; textiles and apparel; ICT and IT; chemicals and steel; agricultural products and food processing; renewable energy, etc.
H.E. Mr. Upender Singh Rawat, Ambassador, Embassy of India to Panama, Costa Rica, and Nicaragua mentioned that the regions are located in strategic locations and closeness to hubs. The regions provide the business opportunity in the areas of automobile, auto products, agribusiness, manufacturing, textiles, apparel, and many more.
H.E. Mr. Sanjiv Ranjan, Ambassador, Embassy of India, Columbia-Ecuador discussed the variety of natural and human resources available in the region due to which is emerging as a growing nation. With the growing presence of Indian companies in the region, there is growing interest in the business between the companies of the two nations. He mentioned that diversification of trade partners and access to new markets now occupies an important policy priority in India and Latin America. There is a growth in the trade and investment between the companies of both nations.
Mr. Amitava Ray, Chair, International Affairs Committee for Americas, PHD Chamber of Commerce and Industry while deliberating about the relationship shared between India and America mentioned that the strength of the partnership can be gauge with the combined GDP which has been growing optimistically which also sets the base for demand. Yet the economic relations between Latin American countries in India are still in the Naissance stage and there are emerging opportunities for trade, investment, and cooperation. The regions with a large market base, rich natural resources, and progressive industrial base provide the industries in this area with key business advantages in the international area.
With the recent background of the global economic scenario, majorly with fall out of the pandemic, Mr. Ray opined that India and the countries of Latin America must reorganize our strategic alliances and reposition ourselves in the world economy by recognizing the pivotal role that our linkages play in areas including trade, FDI and finance. This can be done by enhancing bilateral cooperation to help create a conducive environment for growth.
Mr. Amitava Ray emphasized that we need to pool the resources for developing data banks and institutional mechanisms for the exchange of commercial information on business opportunities to bridge the existing information gap. Both countries need to come together to approach common challenges as well as forge new partnerships to promote growth and development. There are great prospects for furthering bilateral ties between India and the Latin American Region, we need to have the determination on both sides to take effective steps and explore opportunities.
Mr. Tushar Aggarwal, Co-Chair, International Affairs Committee for Americas, PHD Chamber of Commerce and Industry while delivering a formal vote of thanks to all the delegates and participants mentioned that the series of measures undertaken by the Government of India and Latin American Government to strengthen multilateral and bilateral ties with each other will serve as a positive step to increase trade and investment as well as forge key partnerships in the future.
The session was moderated by Mr. Naveen Seth, Assistant Secretary-General, PHD Chamber, and was attended by many industry stalwarts around the world.