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Report by India Education bureau, New Delhi: To promote economic engagement
between India and Latin America & Caribbean (LAC) region,Mr. Amitabh Kant, Secretary,
Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry,
today announced the launch of the first-ever 'India-LAC Investment Conclave' on the theme
'Lets Grow Together'.
The two-day conclave to be held in New Delhi on October 16-17, 2014 will be organized by
FICCI with support of the Department of Industrial Policy and Promotion (DIPP), Ministry of
Commerce and Industry, Government of India, Invest India, which is a joint venture between
FICCI and DIPP, will play a key role in this initiative.
The conclave aims to enhance the business relations between India and LAC mainly by way
of investments, as conventional trade in goods has its challenges on account of distance,
time zone difference and business culture. While trade in commodities will continue due to
their bulk nature and involvement of mega institutions, manufacturing and services can grow
essentially by way of investments which will automatically lead to further trade growth too.
While addressing the curtain raiser, Mr. Kant said, "The objective of this conclave should be
to lay down a roadmap and agenda for our engagement with Latin America. We need to
consider appropriate initiatives aimed at meeting the development, energy and food security
needs of our region, new infrastructural linkages with enhanced connectivity and trade and
investment facilitation that builds on the complementarities in our economic strengths."
He pointed out, "Indian and the countries of LAC face some formidable challenges. The
primary reason for low trade and investment is cited as long distances and complicated sea
routes, resulting in high transportation and allied costs such as insurance. There are no
direct sea trade routes and shipments have to go through different ports. Busine4ss
travelers have to undergo several transits in reaching each other. Lack of information on
how to do business in LAC and India adds to business risks and deters businesses from
exploring opportunities. Mutual mistrust and low confidence arise from insufficient
knowledge and understanding. There are issues related to fairly strong governmental
intervention in business with controls and clearances. There are misinformed apprehensions
about law and order and security ion each side."
Mr. Kant said that rich in natural resources and as potential market for our products and
services, LAC countries can prove to be valuable long-term allies in India's pursuit of
markets and resources. There is general agreement on both sides that there are extensive
synergies in our economics. In this endeavor, governments can only play a coordinating role
and help create a conducive political and economic environment. It is for the
businesspersons and entrepreneurs of the two countries toe explore ways to fully exploit
the real potential. The proposed conclave would provide a right platform foe increased
interaction between Indian and Latin American Business.
In his welcome address, Dr. Didar Singh, Secretary General, FICCI, highlighted that the
conclave will be focused on presenting specific investment opportunities in India for Latin
American investors. He said that few partner countrysessions are also planned to enable
LAC countries present investment opportunities on offer in their countries. He proposed
enhanced cooperation in the areas of energy, agriculture, manufacturing, IT and
infrastructure, in particular wherein India and LAC countries can benefit out of each other's
globally known competencies and best practices. He added that the intent of working
together for mutual growth was reflected in the theme of the conclave.
The vote of thanks was presented by Mr. Rakesh Bakshi, Chairman & Managing Director,
RRB Energy Ltd and Convenor India LAC Investment Conclave 2014.
The curtain raiser was attended by senior officials from the Ministry of Commerce and
Industry and Ministry of External Affairs along with senior management officials from Tata
Group, Reliance, United Phosphorus, Shree Renuka Sugars, Apollo International and others
members of the industry. Accenture India would be FICCI's Knowledge Partner for this
initiative. The ambassadors and other diplomats from LAC region missions in India graced
the launch.
Latin America region is fast emerging as one of the major growth engines of the world. Like
India, Latin America has remained largely resilient to global economic turmoil and has
stayed on the path of growth matching very well with India's own attractiveness for
investment, which is currently among the top three globally.
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In 1997, the Indian government launched its FOCUS LAC (Latin America and Caribbean)
strategy, to boost trade with the region. Over the years, India's ties with Latin America
have expanded beyond trade and investment to cooperation in areas such as energy,
knowledge sharing as well as in multilateral fora such as G-20, BRICS and IBSA (India,
Brazil, South Africa). India enjoys a Preferential Trade Agreement with Mercosur and has
been recently granted 'Observer' status in the emerging grouping of New Pacific Alliance.
These arrangements throw up huge opportunities for the business communities in India and
LAC region and need to be converted into comprehensive treaties covering trade, services
and investments.
Even as India's trade with the LAC region has grown at 25 per cent annually over the last
decade touching US$ 46 billion in 2012-13, our bilateral investments remain at a relatively
low level. While Latin America and Caribbean region has received only four per cent of
India's outward FDI, investments from LAC region in India are still lower.
It is time for this situation to change. After all, it is a matter of India, the world's third largest
economy with a US$ 5.5 trillion GDP on PPP basis, doing business with the US$ 12 trillion,
LAC economy. With global economy on the path of recovery, India and LAC countries must
rethink their strategy for economic engagement to be able to make an impact globally.
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