India and Latin America strengthen commercial ties

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India and Latin America are seeking to strengthen their ties by celebrating an investment conclave in New Delhi and thus advance towards a historical duplication of their trade transactions during the next five years.

According to the organizers of the conclave, trade relations between India and Latin America and the Caribbean has increased at annual rate of 25% during the last decade but the level of investments between them maintained very low rates during the last 20
years.Because of this, Indian Minister of Commerce, Nirmala Sitharaman, called to further deepen economic relations and improve investment levels which she considers are “modest and very low from their true potential”.

Rakesh Bakshi, organizer of the conclave, said “we have started to walk together, now let us run together”. He also wanted “to tell the world during his address during the inaugural session: We are ready to do business¨.

With his objective in mind, delegates from 350 Latina American countries traveled to the Indian Capital where, today, they will hold bilateral meetings with their counterparts in the Asian Giant.

The activity was attended by government authorities including Nicaraguan Minister of Commerce and Promotion of Investments, Alvaro Baltodano; Haitian Minister of Finance, Marie Carmelle Jean Marie; and Guatemalan Minister of Economy, Sergio de la Torre.

De la Torre said that besides being a politician he is also ¨a businessman¨ and he called for creation of a ¨Joint Committee¨ with Government and private sector representatives in order to identify the business opportunities between the region and the Asian

The Argentinean Secretary of Economic Relation, Carlos Bianco, highlighted that it is important to take advantage of the ¨synergies¨ that emerge in Latin America like MERCOSUR and the Pacific Alliance with the aim of cooperating and improving the bilateral
relations with India.

In his opinion, the only way to overcome this ¨lack of knowledge¨ of each other’s regions is by having ¨high-level government visits and business delegations¨.

Ever since the celebration of the first edition of this conclave six years back, Indian investments in Latin America have become more balanced with 13 different investment destinations over the initial six destinations that India had ten years ago.

Notwithstanding, Baltodano considers that the balance of trade is not balanced enough and he has requested India not to keep its commercial exchange with big countries only and to collaborate with the ¨development of Central America¨.

In order to pursue this and other objectives, New Delhi held several conferences that focused on sectors like infrastructure, tourism and manufacturing.

During this year’s edition, Argentina and Peru were guests of honor of the India-LAC Investment Conclave, they will take part in their own conferences and they will have their own information stands. The conclave will conclude on October 17…[Read

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