Ties with Latin America to deepen further
this month, ONGC Videsh Ltd (OVL), has discovered oil on an on land block, CPO-5, in Colombia. OVL holds 70 per cent participating interest in the block located at the Ilanos basin of Colombia.
The project was under phase-1 of exploration, with a commitment of drilling two exploratory wells.
Argentina, a leading agricultural economy, has invited farmers from India to purchase land there and cultivate it. India is also a major importer of Argentine soybean oil, importing $1.8 billion in 2010.
Indian companies have a major presence in Latin American countries. Indian IT companies in Chile include TCS. While in Argentina, there are over 15 Indian companies, with many being in the IT and IT-enabled services sector, employing thousands of people.
The others are in various manufacturing areas, from pharma to cosmetics to agro chemicals. India-Latin American trade stood at $20 billion in 2010, way below the $140 billion trade between China-Latin American.
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