With trade between India and expected to touch almost $50 billion, India is exploring the possibility of opening a logistics hub for its companies in Panama.
This was announced by the external affairs minister Dr S Jaishankar at the end of a meeting with the top leadership of that country President Nito Cortizo and his counterpart Tewaney Mencomo.
Jaishankar conveyed personal greetings of Prime Minister Narendra Modi to the Panamanian President Cortizo.
During their meeting, President Cortizo said to achieve effective, cheaper and quality medicines for its people, the talks focused on building an alliance with the Indian pharmaceutical industry.
Addressing the local media at the end of his meeting with his counterpart Janaina Tewaney Mencomo, the minister said focus was on identifying ways to strengthen bilateral relations between the two countries. Also specific issues related to trade and investment and the possibility of setting up logistics hub for Indian companies in Panama were discussed.
The minister in his address to the media highlighted the close relations between the two countries and how the two share the attributes of being politically democracies, and being market economies. He also said that the two are part of a larger South-South Cooperation.
The minister said that during his talks with Minister Tewaney Mencomo the challenges of affordable health, decentralized production of medicines in the world including in this region were also discussed and also possibilities of cooperation in energy and renewable energy.
It was decided during the meeting that later this year Panamanian delegations – business and at government level will visit India.
Panama positions itself as a major logistics hub in Latin America.
According to Minister Mencomo her meeting with Dr Jaishankar was an opportunity not only to discuss the issues on the common agenda but also to strengthen the relationship between the two countries based on shared values.
She tweeted that “we promote Panama as a strategic point for trade and investment.”
LAC-India Business Forum
Financial Express Online had reported that Dr Jaishankar will deliver a keynote address at the LAC-India Business Forum on Tuesday. In his remarks he underlined ten reasons why India’s business collaboration with Latin America has strong merits and endeavours.
According to him, with the India-LAC trade touching $50 billion with a much diversified basket, significant increase is expected in investments and interest in other areas including infrastructure, agro, energy and mining will power it further.
India is the fifth-largest economy and its presence across the globe is growing steadily with transformation in innovation, manufacturing, infrastructure, and start-up culture within the country being game changers.
Pharmacy of the world
He also talked about India’s being the pharmacy of the world. It provided vaccines to 100 countries during the global Covid pandemic as well as medicines to 150 countries. Adding, that the long-awaited reforms in the country have led to record Indian exports
Hailing Latin America as an attractive market, the minister said that the Indian products are fit for the middle class in the region. He also talked about the long-awaited reforms in India which have led to record exports, adding that a robust digital backbone in the country has played an important role in the delivery of public goods and tools for business. And highlighted manufacturing pickup via Production Linked Incentives and support to vendor chains and MSMEs.
Made in India and Delivered by India are globally becoming realities, and how Indian agriculture is making strides in quality, yields, and technology have external implications.
In his speech he talked about Indian talent & skills, including initiatives like skill India, Start-up India, New education Policy.
Later he met with Indian-origin members of the National Civil Protection System in Panama.
The minister is on a ten days four nations tour – he started with Guyana, Panama, on Wednesday he will be in Colombia and then to the Dominican Republic.
In Colombia he will meet with the country’s top leadership and also his counterpart Alvaro Leyva Duran. Energy and food security as well as issues of mutual interest will be on the agenda.
Republic, his first visit as the external affairs minister to these Latin American countries and the Caribbean.