Nicaragua eyes investment from India

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SummaryA business delegation from Nicaragua is visiting India next week to attract potential investments.

A high level business delegation from Nicaragua led by Commandante Bayardo Arce Castano, the Economic and Financial Advisor to the President of Nicaragua is arriving in New Delhi next week.

The visiting delegation apart from highlighting the business opportunities in Nicaragua, will also aim to enhance bilateral commercial ties with India and will be interacting with potential investors and businessmen at a industry meet organised by CII.

Officials told FE that, "The visiting delegation will be meeting the industry captains with very specific objective to promote cooperation, to manage possible purchase of buses for inter urban services, to purchase machinery for construction and also for the promotion of the India-Central America Fair in Managua."

Ahead of their India visit, the delegation has also identified sectors of focus for future collborations and partnerships including - solar power, irrigation systems for rural areas, bamboo and wood processors for laminated end products, food industries, like powder milk, corn flour processors, etc., earth moving heavy equipment exporters and buses manufacturers for supplying buses for their inter urban transport service.

As part of India’s offer to several SICA countries to establish IT Training Centres, a centre has been set up in the Nicaraguan capital Managua and trainers from NIIT were engaged in imparting training to students.

After termination of two years of the initial MoU on IT Centres, the two sides agreed to extend the validity by one more year and centre, on successful completion, has now been handed over to host government in mid-2011.

Nicaragua boasts of cheap labour, very good incentives and the route for potential exports to Central American and ALBA countries like Venezuela & Ecuador.

An agrarian economy with nearly 60% of its exports being textiles and apparel, Nicaragua with an established service sector is also expanding its manufacturing base.

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