November 05, 2024 16:59 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
India seeks enhanced trade, investment with Latin America

India seeks enhanced trade, investment with Latin America

| | 22 Nov 2016, 07:43 pm
New Delhi, Nov 22 (IBNS): In a challenging global environment , India seeks to reach out to newer markets by strengthening ties with the Latin American Countries, riding on trade-opening negotiations between the LAC and several major and emerging economies of the world, according to an EEPC India latest publication.

“Trade negotiations are on the anvil by several LAC economies to promote trade with major economies and emerging markets of the world including India to reduce trade barriers and attract investment… This is an appropriate time when Indian SMEs and MSMEs can rise up and significantly contribute towards enhancing bilateral trade with LAC,” noted  the ‘Doing Business in Latin America and the Caribbeans’ publication brought out by the apex engineering export organisation. 

Releasing the publication, in New Delhi on Tuesday, Commerce Secretary Rita Teotia  said, “There exists a number of preferential trade agreements between India and various other countries of this region. India is desirous of consolidating and expanding such agreements to boost our trade and commerce.”

India’s increasing focus on building ties with the LAC region has helped two-way trade to increase from US$2 billion 15 years ago, to US$32.59 billion in 2015. India’s trade with the region includes everything from soybeans to aircraft to minerals.

Further, the region has come up as a major contributor to India’s energy needs, accounting for 20% of total crude oil import. India and Latin American countries have also come closer in terms of investments. Companies from India, including mining, metals, agriculture, petro-chemicals, pharmaceuticals, plastics and plane parts, have invested over US$12 billion.

The major exports from India goes to Central America (58.36%) followed by South America (27.56%) and Caribbean Region (8.64%). India’s trade with Latin America has grown exponentially this century, from less than US$ 2 billion in 2000 to approximately $32.59 billion in 2015.India imported almost $21.66 billion and exported around $10.93 billion worth in 2015.

More than 100 Indian companies have  invested over USD12 billion in the LAC region across a wide variety of industries, including mining, metals, agriculture, petrochemicals, pharmaceuticals, plastics and manufacturing. Among the leading Indian investors, Tata Consultancy Services (TCS), Dr. Reddy’s Laboratories, United Phosphorus, Videocon (television), and ONGC Videsh, Jindal Steel & Power and Essar Steel are to name a few, said EEPC India Executive Director & Secretary, Mr Bhaskar Sarkar .

 

Image:Wikimedia Commons

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.