Latin American markets provide scope for Trade-Business expansion
- 24 March 2021
Envoys listed out opportunities in a wide range of economic sectors
Publicado por Fiinews
There are great prospects for furthering bilateral ties between India and the Latin American Region and both sides have the determination to take effective steps and explore opportunities, according to Amitava Ray, Chair, International Affairs Committee for America at the PHD Chamber of Commerce and Industry (PHDCCI).
The large Latin American markets, with rich natural resources and progressive industrial base provide key business advantages in the international area, he told delegates at the session on India-Americas Day: ‘GRULAC – India Business’ talk during the PHDCCI International Week on 17 Mar 2021.
“Yet, the economic relations between Latin American countries and India are still in the Naissance stage” though there are emerging opportunities for trade, investment, and cooperation, said Ray.
He emphasized, “We need to pool the resources for developing data banks and institutional mechanisms for the exchange of commercial information on business opportunities to bridge the existing information gap. We need to come together to approach common challenges as well as forge new partnerships to promote growth and development.”
With the recent background of the global economic scenario, majorly with fall out of the pandemic, Ray opined that India and the Latin America countries must reorganize strategic alliances and reposition themselves in the world economy by recognizing the pivotal role that linkages play in areas including trade, FDI and finance.
“This can be done by enhancing cooperation to help create a conducive environment for growth,” he stressed.
Envoys from the Group of Latin America and Caribbean Countries (GRULAC) highlighted that the regional markeks provide India considerable scope to expand trade and business at the session.
While India has become a vaccine hub, Paraguay carries immense potential for trade, investments, and joint ventures, said Paraguay Ambassador Fleming Duarte. “Both nations should have free trade agreements and can explore business and trade exchange in the sectors like tourism, steel, clean energy, and Hydroelectric Power plants,” he said.
While there has been a steady rise in the bilateral trade between India and Trinidad & Tobago, more trade can be explored in the industries including downstream energy industries, information and communication technologies, food and beverage, printing and packaging, fish and fish processing, merchant marine, leisure marine, film and broadcasting, music and entertainment and tourism, said Dr. Roger Gopaul, High Commissioner of the Republic of Trinidad & Tobago.
There is a high potential of business between India and Guatemala but the lack of information has been the pivotal task to the economies, added Ambassador Giovanni Castillo.
He pointed out that Guatemala has access to major American markets paving way for constant business and trade exchange. Sectors like pharmaceuticals, medical devices, electronics manufacturing services BPO, and ITO, he said.
“We need to increase our trade and cultural exchange,” added Ambassador Claudia Ansorena of Costa Rica while sharing the similarities of values and interests his country shares with India.
The Indian Ambassador to Brazil Suresh K. Reddy discussed the opportunities available in Brazil for the Indian companies in areas of food processing, agriculture, minerals, and infrastructure.
The Indian Ambassador to Argentina, Uruguay and Paraguay Dinesh Bhatia shared the optimistic growing relations between India and Argentina in trade exchange, highlighting the potential to improve exports and economic exchange to between the two countries.
India is one of the top trading partners for Argentina which, in return, aspires to improve its trade ties by expanding its export to India from sectors like agriculture, spices, foods, pharma, energy, mining, IT, plastics, and tourism and project exports, said Bhatia.
M. Subbarayudu, the Indian Ambassador to Peru and Bolivia, believes the Latin American markets provide considerable scope to expand trade and business.
Looking at the challenges and opportunities witnessed due to the pandemic, he underlined the need to diversify and reconsider priorities to review economic related issues at the earliest.
“India is well placed and a close partner to the Americas in sectors like automobile and auto components, pharmaceuticals and medical devices, textiles and apparel, ICT and IT, chemicals and steel, agricultural products and food processing, and renewable energy among others,” he said.
The Indian Ambassador to Panama, Costa Rica, and Nicaragua Upender Singh Rawat noted that the three Latin American markets are located in strategic locations and close to international hubs. The markets provide the business opportunity in the areas of automobile, auto products, agribusiness, manufacturing, textiles, apparel, and many more, added Rawat.