South American represents a huge opportunity for the Indian industry, says Amb. Subbarayudu
There is a visible growth in India’s import-export trade with Argentina, Uruguay and Paraguay, said Dinesh Bhatia, Ambassador to the three countries told delegates at the India GRULAC Business Summit & Trade Expo 2021.
India–Argentina recent trade has reached a level of US3.3 billion, while it was US$268 million with Uruguay and US$176 million with Paraguay, he said at the India–GRULAC Business Summit & Trade Expo on 21 Sept 2021.
These three countries mainly exports primary products and are one main source for India’s edible oil requirements, said Bhatia.
With India’s current rise of global exports and investment capabilities, there is an urgent need to identify new markets globally to widen the cope of investment as well as trade, added Jagmohan Mongia, Chair, International Affairs Committee for Americas, PHDCCI.
South American represents a huge opportunity for the Indian industry, M. Subbarayudu, Indian Ambassador to Peru and Bolivia, told the India–GRULAC Business Summit & Trade Expo.
The economic and commercial engagement is yet to reach its true potential.
“Complementarities that we share with the economies of South America and quality of products that we produce high tech solutions that we offer and above all the aspect of suitability and affordability that our products represent should help Indian industries to expand trade and business ties,” he told the summit.
S. Suresh Kumar, Joint Secretary, Department of Commerce, gave an overview on the bilateral relationships of India with the Latin American and Caribbean countries.
Both the regions have just emerged out of the Covid 19 pandemic and are expected to grow faster than many other regions of the world. In order to encourage trade and investment between these regions there are several initiatives that the government of India has taken over the years, he said.
Ambassador Alberto Antonio Guani Amarilla assured that Uruguay has an attractive investment promotion system whereby foreign and local investors are treated equally in his country which has the highest GDP per capital in Latin America.
The state offers a free and universal access to a wide variety of college degree, said the envoy, adding that Uruguay is also the first country to implement the ‘one laptop per child program’.
The country is also “very strong in services” and there is a special promotion regimes for contact centers such taxes are exempted for companies based in a tax free zone.
Going forward, it is important to pay close attention to the Caribbean under Latin American countries, said Roger Gopaul, High Commission of Republic of Trinidad and Tobago.
He pointed out that Trindad and Tobago is a robust, welcoming foreign investment destination with strong economy, prime regional positioning, investor’s friendly climate policies and efficient financial system and healthy economic indicators.
The GURALC market are open for business. Opportunities that were not fully explored in the past, must be explored and utilized to their utmost potential now, he added.
Lucas Di Britos, a Representative From Embassy Of Brazil, pointed out that in the early 2020, an action plan to create investment and trade across sectors of agriculture and bio-fuels was signed. “We have also signed agreements such as the investment cooperation agreement and agreement on social security.”
The bilateral trade between Brazil and India is around US$6 billion. “We see a lot of space for improving and diversifying the trade flows between the two countries. Both the economies are growing and as our economies are going new customers come with emerging markets which will be extremely helpful,” he underlined.
Jason Keats Matthew Hall, High Commissioner, Jamaican High Commission, reflected upon comprehensive knowledge of the focus sectors such as tourism, mining, BPO/KPO/Digital services, Outsourcing, Agribusiness, Manufacturing or Last stage Customization, Logistics ( and Postponement), Renewable energy, Infrastructure and Health services which will help investors discover their next stories.
The Dominican Republic shared that Dominican Republic is the 1st investment destination in the Caribbean Island and a land full of opportunities, said Ambassador David Puig.
It is the best option for logistics distribution centers in the Caribbean region, he underlined.
The Dominican republic exports through more than 3,167 tariff lines with exports to more than 167 markets and it has more than US$30 billion in export and import.
Panama Ambassador Yasiel Alines Burillo Rivera highlighted her country’s special economic zones and law. She said Panama is positioned as one of the best connected countries in the world and a digital hub, which makes it the hub for Latin America and the Caribbean.
Upender Singh Rawat, the Indian Ambassador to Panama, Costa Rica and Nicaragua, emphasized the improtanmce of the strategic location of Panama, Costa Rica and Nicaragua that join the continents of the Americas and the oceans of Atlantic and Pacific along the precious of numerous free trade zones in the region which can speed up the logistic operation of Indian Business.
With a view to explore the bilateral trade and investment opportunities between with Group of Latin American and Caribbean Countries (GRULAC) across various sectors of good and services, the PHD Chamber of Commerce and Industry (PHDCCI) has organized the India GRULAC Business Summit & Trade Expo 2021.
In the hybrid event held on 21 September 2021, the theme was strengthening the strategic partnership to create awareness about the potential of economies and business sectors across the Latin American countries and Caribbean countries. These countries hold huge potential for a viable bilateral trade window with India.
The event summit was also supported by Annual Sponsors such as DLF India; Multani Pharmaceuticals; UFLEX; JK Tyre & Industries; Marble City; Paramount Cables; SMC Investments and Advisors; Blossom Kochhar Aroma Magic; Comtech Interio; DCM Shriram Industries; Radico Khaitan; R.E. Rogers India; Ajit Industries; Synergy Environics; Continental Carriers; Timberworkz; Jindal Stainless; Modern Automobiles; P S Bedi & Co; IFFCO and Hindware. #investment #exports #manufacturing #telecommunications /fiinews.com
