Columbia has proposed to export precious emerald stones to India with a view to boost bilateral trade. It has also decided to facilitate direct contact between Indian jewellery manufacturers and emerald producers in Columbia.

?There is a similarity in products in India and Columbia. We have to select products for trade which can result in a win-win situation for both sides. We produce one of the world?s precious stones ? emerald. India is a major exporter of gems and jewelry. It would be better if Indian jewelers source Columbian emerald,? said the visiting Columbia minister for trade, industry and tourism, Luis Cuillermo Plata.

Textiles and clothing, leather products, processed foods and beverages, paper and paper products, chemicals and petrochemicals, cement, construction, iron and steel products are some of the major items that are traded between India and Columbia.

Plata, who is leading a business delegation to India, also met the Union finance minister P Chidambaram and discussed with him the proposal for having bilateral investment treaty between the two countries for avoidance of double taxation.

?The bilateral investment treaty would be finalised by 2009 and that on avoidance of double taxation may be ready by 2010 after a few rounds of discussions between the two countries,? he said.

President of the National Association of Industrialists of Columbia (ANDI) Luis Carlos Villegas, said, ?Columbia is abundant with natural resources like coal, gold, silver, ferronickel, sandstones for cement. We would like to invite Indian investors in mining, infrastructure and telecom.?

The Columbian delegation had an interaction with the Indian industry at an event organised by the Confederation of Indian Industry.

Plata said that India investment in Columbia was low and so also was the Columbian investment in India.

?We need to encourage investments on both sides. There are stray cases of Columbian investment in India like the waste management project in Chennai.? He said that new laws have ensured security for investors and assured long-term fiscal benefits.