India aims to double volume of trade with LAC in five years

Written by fe Bureau | New Delhi | Updated: Oct 17 2014, 06:56am hrs
Giving a call to Latin American and Caribbean (LAC) and Indian business to double the volume of two-way trade from the present $ 42 billion in the next five years, the government indicated that India's relations with the region are set for a leap.

Inaugurating the largest-ever congregation of businesspersons from the LAC

region at the two-day India-LAC investment conclave organised by industry body Ficci on Thursday in New Delhi, Nirmala Sitharaman, minister of state for commerce and industry (independent charge), finance and

corporate affairs, said: The current bilateral trade volume in which Indian exports are about half of the total imports from the LAC region is not reflective of the potential which we could collectively achieve by broad-basing our trade and economic ties and by diversifying the basket of traded goods and services. Doubling the trade figures in the next five years should be our collective goal and bilateral investments could help us in achieving this

milestone.

The importance the LAC region attached to partnerships with Indian companies can be gauged from the fact that more than 350 businesspersons and policymakers from India and LAC countries attended, with Argentina, the partner country, itself coming in with over a 100 businessmen.

The conclave witnessed participation from 23 countries of the LAC region.

The minister said that more than 100 Indian companies have invested in excess of $15 billion in Latin America in sectors such as energy,

IT, pharmaceuticals, sugar, agrochemicals, electrical products, mining, metals, vehicles, auto parts, cosmetics and plastics. Likewise, Latin American companies have invested a total of slightly

less than $1 billion in India

in steel, multiplexes, bus assembly, auto parts and electrical motors.

Urging the delegates to

derive maximum benefit from the number of business meetings lined up during the conclave, Sitharaman said, The figures say it all. A firm commitment from policymakers and business leaders alike from both India and Latin American countries would immeasurably steer the collective vision towards its intended goals of quantitatively and qualitatively improving our trade, economic and investment relations.

She said Ficci, being an apex industry association in India, along with Invest India, its joint venture with Department of Industrial Policy & Promotion, is best suited to support the businesses in forging partnerships.