Leading industry organisations are bringing together businesses and institutions in India and the Latin American and Caribbean (LAC) countries, organising business summits and helping to forge stronger economic and trade relationships.
Ficci is organising an India-LAC Business Summit on March 30, which will be followed by the 4th India-Latin America and Caribbean CII Conclave on April 4. Despite the impressive growth in trade with LAC, the region, still has a meager share of about 3.9 % in India?s global exports and 3.5% in its imports. ?The India-LAC Business Summit 2010, therefore, aims at significantly increasing the trade flows between India and LAC region,? Ficci officials told FE.
The summits aim to provide a platform for trade and technical collaborations, joint ventures and technology transfers and create mutual awareness about business and investment climates of various LAC countries and India. India?s major exports to LAC are chemicals, pharmaceuticals, engineering products, textiles and garments. According to officials in the ministry of external affairs, defence is a new area in these countries which has opened up for Indian exports. Major imports from these countries include crude oil, soya oil, copper and minerals.
India?s ambassador to Argentina, Uruguay and Paraguay, R Viswanathan told FE: ?India?s exports to the region went down by about 30 % in 2009 in comparison to 2008. This was expected, due to the global crisis and local import restrictions by these governments.?
However, he added: ?We have witnessed tremendous enthusiasm and interest by the businessmen of the region who have started taking India seriously as a long-term bet. The global crisis made them realise the limitations of their traditional partners US and Europe. They are attracted by the opportunities offered by the new long-term high-growth large markets such as India.?