India-LatAm conclave begins Oct 8, to promote trade and investments

By: | Published: October 6, 2015 12:03 AM

New Delhi will be hosting vice-president of Costa Rica Ana Helena Chacón Echeverría and 15 top ministers from countries including Brazil, Mexico, Ecuador, Venezuela, Uruguay, Paraguay....

New Delhi will be hosting vice-president  of Costa Rica  Ana Helena Chacón Echeverría and 15 top ministers from countries including  Brazil, Mexico, Ecuador, Venezuela, Uruguay, Paraguay, Nicaraguay and Gautemala  for  the India-Latin America & Caribbean  2015 Conclave being organised by the ministry of external affairs and ministry of commerce and industry,  and a top industry body.

The two-day conclave starting October 8, will be an important and singular opportunity for Indian and LAC businesses to discuss and establish long-term partnerships.

It will also be an important platform for the government of both the sides to foster cooperation by overcoming administrative and governmental challenges.

Diplomats and business of the region believe that, “two-way trade and investment flows will further increase if both regions take firms steps to improve air and sea connectivity. Promotion of ‘Go East’ shipping route will help establish close links between India and the Pacific coast of LAC region. The opening of the expanded Panama Canal soon  will provide new prospects for maritime connectivity. India should also look to leverage transit trade facilities in El Salvador, Panama and Uruguay to access the wider LAC markets.”

Ambassador of Ecuador to India Mentor Vilagomez, told FE,    “We participated in such a conclave in 2013, when Ecuador’s VP Jorge Glas came with a high-level  delegation, which included five ministers from different economic sectors. This year, the Conclave is taking place just ahead of President Rafael Correa Delgado’s visit in November.

And to showcase oppurtunities where Indian companies can participate two important ministers —  Diego Aulestia, Minister of foreign trade,  and Rafael Poveda, the Minister of strategic sectors —  will be presenting a portfolio of investment projects from which Indian companies could benefit.”

According to senior officials, “The conclave will be an important opportunity for Indian and LAC business enterprises from diverse sectors to establish long-term economic partnerships and foster South-South Cooperation.  Besides the government officials from the region, several business industry delegations too will participate in the Conclave and promote investments, exports and trade.”

India’s trade with LAC region has grown from a mere $500 million in 1990 to $32.26 billion in 2011-12. DGCIS provisional bilateral trade figure for 2013-14 stands at $44.81 billion.

LAC region is now a key export destination for Indian industry. Indian exports to the region have grown from $960 million in 2001-02 to $13.01 billion in 2013-14. This can go up to $25 billion by 2016.

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