India-LAC Conclave: Cooperation in Space, BrahMos, Agriculture business and IT will be the main attraction in Chile – Top points to know

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New Delhi | Updated: September 26, 2018 4:08:49 PM

In an effort to spur exports, collaboration in space, defence and information technology, will be the top priority of the Indian businesses and locals of the region who will meet at the forthcoming two-day India-LAC conclave in Chile next month from Oct 1.

India-LAC Conclave, Space, BrahMos,  Agriculture business, IT, chile, Suresh PrabhuAnita Nayar, Indian ambassador to Chile told FE Online that, “The choice of Chile for the conclave is very strategic. It is also a signal that Indian businesses are looking towards Chile and vice versa.”

In an effort to spur exports, collaboration in space, defence and information technology, will be the top priority of the Indian businesses and locals of the region who will meet at the forthcoming two-day India-LAC conclave in Chile next month from Oct 1.

“The minister of State for external affairs Gen VK Singh who will participate along with a delegation in Santiago is expected to highlight the various initiatives of Prime Minister Narendra Modi’s government and seek new ventures in various sectors including agro-business, startups and space sector,” according to sources.

Earlier, the minister of commerce and industry Suresh Prabhu was expected to lead a delegation for the conclave.

“There is a major ministerial-level participation from the region for the India LAC Conclave organised by the Ministry of External Affairs (MEA) & the Commerce and Industry Ministry and the United Nations Economic Commission for Latin America and the Caribbean (UNECLAC), with an industry body CII,” sources added.

Anita Nayar, Indian ambassador to Chile told FE Online that, “The choice of Chile for the conclave is very strategic. It is also a signal that Indian businesses are looking towards Chile and vice versa.”

Launch, of SUCHAI, the nano-satellite of the University of Chile, was successfully accomplished by Indian Space Research Organisation (ISRO) at the end of June 2017. The SUCHAI project is a standardized satellite of Cubesat type of 1 litre of volume and 1 kg of weight. It is the first satellite built in Chile by students at the university.

The Chilean armed forces have expressed interest in buying the BrahMos missile a joint venture of India-Russia and there have been active discussions between the two sides. There have also been several queries from the government of Peru in the last few months, especially after the successful trials of the missile aboard the SU-30.

The BrahMos Company is now registered with the government of Chile which will help in future sales in case negotiations culminate on a positive note. Also, as reported earlier there is a great opportunity for Indian defence companies to participate in the modernization of Chilean armed forces, especially in the ship building, submarines and joint training.

After a major slump in 2015 & 2016 due to impact of low copper price, both countries have hit record levels in 2017. The Indian auto makers including Telco and Mahindra have already entered the Chilean market, selling commercial vehicles, cars and two wheeler.

India is also targeting the pharmaceutical market in Chile and is among the top 10 Indian exports to the country. Both countries are in discussions to finalize phyto-sanitary requirements for the export of avocados, walnuts and blue berries from Chile and the import of mango, coco peat, and pomegranate from India, the Indian envoy added.

The two countries in 2017 had operationalised the expanded India-Chile Preferential Trade Agreement (PTA) which also incorporates new chapters on Rules of Origin, Technical Barriers to Trade and Sanitary and Phytosanitary Measures, which would contribute to the reduction of non-tariff barriers.

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