The Latin American and Caribbean (LAC) region presents a wide range of opportunities for business expansion and collaboration. However, certain challenges persist, hindering seamless trade and cooperation.
On the sidelines of the ongoing India-LAC Conclave several delegates shared their concerns with Financial Express Online. These include:
Consular Relations and Business Visas:
Navigating consular relations and obtaining business visas for LAC countries can be a tedious and time-consuming process. Governments and businesses should work together to streamline and simplify the visa application procedures, allowing for smoother business travel.
Lack of Database for Potential Partners:
Both Indian and LAC businesses struggle with finding prospective partners and associates. Chambers of Commerce, Trade Offices, and Business Houses on both ends should take an active and aggressive role in creating and maintaining a comprehensive database of potential collaborators.
Limited News Presence:
A lack of regular news coverage in print and electronic media on both ends hinders the flow of information and business opportunities. Encouraging more frequent news updates can foster better communication and understanding between the regions.
Addressing Trust Deficit and Misconceptions:
Building trust and dispelling misconceptions about each other’s cultures and food habits is essential. Efforts should be made to promote cultural exchange and share filtered information to dispel any fears of the unknown.
Independence in Project Execution:
To strengthen ties between India and LAC it is crucial for both regions to contemplate, plan, and execute projects independently, free from external intervention or interference.
Reducing Air Tariffs and Increasing Business Travels:
High air tariffs and minimal bilateral business travel frequency pose challenges. Lowering air tariffs and increasing business travel can facilitate face-to-face meetings and enhance business relationships.
Enhancing Shipping Competitiveness:
Shipping lines should focus on providing competitive freight rates from India to LAC, addressing transit time issues that affect the efficiency of trade.
Lowering Import Duties:
High import duties on products like Wine and Coffee from the region into India hinder trade. Advocating for lower import duties can promote smoother trade relations.
Emphasizing Free Trade Agreements:
Promoting more Free Trade Agreements (FTAs) between like-minded partners can unlock new opportunities for businesses in both regions.
Language Adaptation:
Indian companies should prepare their company and product profiles in Spanish and Portuguese languages to facilitate quicker and wider dissemination of information in the region.
Encouraging Warehousing in Trade Free Zones:
More warehousing for Indian products in Latin America’s trade free zones should be encouraged to facilitate smoother logistics and distribution.
Addressing Tariff and Non-Tariff Barriers:
Governments should work together to meticulously address tariff and non-tariff barriers that hinder trade and investment.
Exploring Collaborations in Film Production and Distribution:
Apart from soft diplomacy, there is immense scope for collaboration in film production, dubbing, subtitling, and distribution, which can strengthen cultural ties and boost bilateral relations.
Promoting People-to-People Connect through Entertainment:
Organizing music shows by artists in India and Bollywood shows in the region, along with film festivals, can create frequent people-to-people connections and enhance cultural understanding.
Strengthening Inter-Parliamentary Delegations:
Organizing inter-parliamentary delegations at least three times a year can foster political dialogue and cooperation between India and LAC.
Enhancing Participation in Trade Fairs:
Encouraging larger participation of Indian exhibitors and visitors in key LatAm trade fairs, such as EXPOCOMER and LAC TYRE EXPO, can boost business networking and opportunities.
By addressing these challenges and implementing the suggested solutions, India and the region can unlock the immense potential for economic growth and cooperation, creating a win-win situation for both regions.