Thursday, October 22, 2020
Home India, Latin American nations have huge potential to boost trade ties: Commerce...

India, Latin American nations have huge potential to boost trade ties: Commerce Min

- Advertisement -

India and countries of the Latin American and Caribbean region have huge potential to boost economic ties in areas like agriculture, health, energy and information technology, the commerce ministry said on Thursday.

Quoting Commere and Industry Minister Suresh Prabhu who addressed diplomats of the Latin America and Caribbean (LAC) Strategic Economic Cooperation on Wednesday, it said that there is a need for a multi-pronged strategy to enhance bilateral trade in merchandise and services.

- Advertisement -

“India, as a fast growing developing economy is experiencing burgeoning food and energy needs, and therefore, deeper ties with partners in the LAC region could prove to be mutually beneficial,” it said.

The ministry said that the Indian companies could form joint venture projects for cultivation of lentils, oil-seeds and food grains, which are crucial import items, besides conducting joint research in dairy farming, seeds and pulses.

- Advertisement -

Indian companies can also work towards leveraging the opportunities arising from the growth in demand for IT products and services within the region, it added.

The LAC region comprises 43 countries and the major economic and trading partners of India are Brazil, Argentina, Peru, Chile, Colombia, Ecuador, Guatemala, Venezuela, Panama and Cuba. India-LAC bilateral trade during 2017-18 stood at USD 29.33 billion as against USD 24.52 billion in 2016-17.

- Advertisement -

Most Popular

India sum up to almost 12% of the world’s smoking population

The Indian tobacco industry is one of the largest commercial sectors and an important source of direct and indirect employment in many regions of...

Alas… Onion Prices Soar – Prices Reach Rs 100 Per Kg In Mumbai

The common man who has been struggling in this pandemic starting from losing jobs to pay cut in salary, however, now he has to...

Maharashtra Government Will Use All Its Strength To Support Farmers

"Excessive rainfall has caused a very big loss of crop and agricultural land in this area. The inspection of the damaged area will be...

By Letting Khadse Go, BJP Lost OBC Pockets Of The State?

Maharashtra BJP’s senior leader Eknathrao Ganpatrao Khadse was aspiring to become the Chief Minister of Maharashtra in 2014.