Top diplomats and representatives of Indian companies recently came together at an event to emphasize the importance of fostering economic collaboration between India and the Latin American and Caribbean regions (LAC).
The Business Conference on LAC Region served as a vital platform for key stakeholders to come together, discuss, and forge partnerships for fostering economic relations and contributing to the growth and diversification of trade relations.
With the support of the Ministry of External Affairs and the active participation of government officials, diplomats, and Indian businesses, the event organized by Millennial India International Chamber of Commerce, Industry & Agriculture (MIICCIA) highlighted the commitment to strengthen ties with Latin America and the Caribbean.
Ambassador GV Srinivas, Additional Secretary (LAC) from the Ministry of External Affairs, and Akash Taneja, Additional Director General of Foreign Trade (FT-LAC) at the Ministry of Commerce, shared their insights on India’s economic relations with Latin American countries.
The business conference on LAC region comes ahead of the 9th CII INDIA-LAC CONCLAVE which is scheduled to take place in Delhi from August 3-4. The theme of the Conclave is “Furthering South-South Economic Cooperation”. The focus of the two day conclave will be on various sectors including Climate Change; Health & Pharmaceuticals; Energy & Renewables; IT&ITES; Agriculture & Food Security and more.
Also there was participation of High Commissioners and Ambassadors from Trinidad and Tobago, Costa Rica, Guatemala, and the Dominican Republic, along with Charge d’Affaires from Venezuela, Colombia, Cuba, and Guyana. In addition, the Minister Counsellor from Jamaica and senior diplomats from Mexico, Peru, and the commercial representative of the Brazilian Embassy in New Delhi were also present.
More than 140 Indian companies, with a keen interest in conducting business with the Latin America and Caribbean Region, participated in the conference, representing various sectors, including manufacturing, technology, agriculture, and services.
Inking of MoUs
During the conference, MIICCIA signed Memorandums of Understanding (MoUs) with three significant entities: Chamber of Indian Micro Small & Medium Enterprises (CIMSME); Confederation of Education Excellence (CEE)C) Indian Economic Trade Organization (IETO)
According to senior officials of MIICCIA, these collaborations aim to foster cooperation in the areas of entrepreneurship, education, and trade promotion between Indian entities and their counterparts in Latin America and the Caribbean. “Such strategic partnerships will not only enhance economic ties but also facilitate knowledge exchange and promote mutual growth,” they added.
The signed MoUs will act as catalysts for future collaborations, contributing to sustainable economic growth and creating mutually beneficial opportunities for all parties involved.
Why is the region important for India?
The region holds significant importance for India due to several factors including vast potential for economic growth and diversification of trade relations. The region possesses abundant natural resources, a thriving agricultural sector, and emerging markets, which present opportunities for India to expand its trade and investment horizons.
Food Security
As reported earlier in Financial Express Online cooperation between the two sides can prove beneficial as it has rich agricultural resources and expertise in various sectors, such as grains, fruits, vegetables, and livestock. By leveraging these strengths, India can enhance its food production capabilities and ensure a steady supply of essential commodities. Based on the information available in the public domain there are opportunities for the two sides to collaborate in agricultural research, technology transfer, and best practices exchange. These can lead to improved productivity and sustainable farming methods, benefiting both sides.
Energy Security
The LAC region has significant energy resources, including oil, gas, and renewable energy potential. India is looking around for new sources of energy and exploring partnerships in the energy sector to diversify its energy sources and ensure a stable supply. Collaboration in areas such as exploration, production, technology transfer, and renewable energy projects can contribute to energy security for both India and the region.