Trade with India has grown "immensely" in the last few years, from about USD 6.39 billion in 2013 to USD 8.37 billion in 2017, Melba Pria, Ambassador of Mexico in India.
Mexico on Friday said bilateral trade with India is expected to grow at least 30 per cent in 2018 to about USD 11 billion. Trade with India has grown “immensely” in the last few years, from about USD 6.39 billion in 2013 to USD 8.37 billion in 2017, Melba Pria, Ambassador of Mexico in India said at an interactive session here organised by Bengal Chamber.
“We are only scratching the surface in terms of trade with India. There is potential to grow our bilateral trade manifold … We expect bilateral trade to rise by at least 30 per cent this year (2018), mainly on the back of rising oil prices … and hope to double it in times to come,” she said.
In 2017, Indian exports to Mexico stood at USD 5.02 billion and imports from the country was at USD 3.35 billion. Pria said the potential areas for bilateral trade include auto parts, software and IT, pharmaceuticals, chemicals, engineering goods and minerals. In terms of foreign direct investments, the envoy said total FDI inflow from Mexico to India is around USD 118 million since 2000.
Mexican investment in India in 2017 was to the tune of USD 18 million, she said. Pria, however, said India is a “better trader” than Mexico as it has diversified its business with the Latin American nation. “The case is not the same with Mexico as some of India’s trade policies are still closed,” she added.