Argentina, Peru to feature prominently in India-LAC Investment Conclave
Updated: Sep 23, 2014 03:46:29pm
New Delhi, Sept 23 (KNN) In order to boost cooperation in trade, service and investments between India and the countries of Latin America and the Caribbean (LAC), the India-LAC Investment Conclave 2014 will be held here next month.
The conclave is scheduled to be held between October-16 and 17, according to an official release.
“Argentina and Peru will be ‘partner country’ and ‘focus country’ respectively at the ‘India-LAC Investment Conclave, 2014’ being jointly organised by FICCI and Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Govt. of India. The Ministry of External Affairs, Government of India is also supporting this first ever investment focused platform, between India and Latin American and Caribbean countries,” it said.
‘Invest India’, which is a joint venture between FICCI and DIPP, will play a key role in this initiative.
This Conclave is an endeavor to build on the momentum generated in the ties between India and the region following the visit of Prime Minister Narendra Modi to Brazil, where he interacted with the leaders of the South American nations.
The India-LAC Investment Conclave 2014 is happening at a time when India and Latin American equations are on the cusp of a paradigm shift amidst signs of Latin America rapidly emerging as one of the major growth engines of the world. India’s trade with the top 10 trade partners of Latin America in 2013 was roughly USD 40 billion. In this, Peru has joined the billion-dollar club of the 6 other countries namely Brazil, Venezuela, Mexico, Chile, Colombia and Argentina with whom India's trade is over one billion dollars.
Argentina is the 6th largest partner of India with bilateral trade between India and Argentina witnessing a quantum jump during the last five years from about USD 851 million in 2008-09 to USD 2 billion in 2013. However, it is felt that bilateral trade between India and Argentina can more than double to USD 4 billion in the next five years from the current level as there is a huge untapped potential.
As the ‘partner country’, Argentina’s delegation for the India-LAC Conclave 2014, is the largest among the participating Latin American countries and will feature over 50 delegates, including eminent business leaders and entrepreneurs. The main sectors represented in the delegation are agriculture, food processing including machinery, IT / ITES, pharmaceuticals and renewable energy, in sync with the potential areas for cooperation identified between India and Argentina. The highlight of the Conclave is an ‘Argentina Country Session’, on 16th October, 2014, which will offer a platform for businesses from both sides to explore partnerships.
Argentina offers many advantages that Indian businesses can explore. It is regarded as the best point of entry to Mercosur, which is a regional common market composed of Argentina, Brazil, Paraguay, Uruguay, Chile, Bolivia and Peru providing access to a market of 226 million people.
Speaking about the significance of this conclave and partnership between India and Argentina, Argentinean Ambassador in India, Raul Ignacio Guastanivo said “Definitely, the scope of India’s PTA with Mercosur needs to be expanded. We should create more platforms and channels to promote and strengthen our bilateral relationship. In agriculture and food processing there is a big potential. Argentina, as an agricultural powerhouse, has the potential of becoming a major contributor to India’s food security, by the means of trade and investments, but also through an enhanced cooperation in agricultural technology.”
Expressing his views on the strength and potential of the Argentinian market, India’s Ambassador to Argentina, Amrendra Khatua said, “I strongly believe that Argentina is the next USD 10 billion plus bilateral trade exchanges market for India over the next few years. In this context, participation by strong trade and industry and Ministry and Ministerial delegation from Argentina in the India-LAC Investment Conclave 2014 will add to the momentum of growing trade and economic relations between India and Argentina”.
Peru, the ‘Focus Country’, will also showcase its business prospects through a high-powered delegation featuring prominent industry representatives and potential sectors. The Peruvian economy has been demonstrating a strong performance with an average growth of 5 per cent since 2000. According to a World Bank report of 2013, Peru ranked 42nd globally and 3rd among LAC countries in terms of ‘Ease of Doing Business’.
The Ambassador of Peru in India, Javier Paulinich Velarde said, “Today, Peru is one of the world’s leading emerging markets in South America with an important economic stability, based on an uninterrupted average annual growth over the past 14 years of 5.6 per cent of its GDP with favourable investment conditions. Peru welcomes foreign investment with an open regulatory environment. I invite all of you to take advantage of this exceptional chance to discover Peru with very promising investment opportunities.”
There are investment opportunities in Peru for Indian companies in mining, energy and services sectors. Foreign investment is pouring into mining, hydrocarbons and big infrastructure projects. There are oil and gas potentials too which are being explored. Peru has already started exporting gas. There will be a special session on Peru, on October 17, 2014, during the Conclave. (KNN/ES)
The conclave is scheduled to be held between October-16 and 17, according to an official release.
“Argentina and Peru will be ‘partner country’ and ‘focus country’ respectively at the ‘India-LAC Investment Conclave, 2014’ being jointly organised by FICCI and Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Govt. of India. The Ministry of External Affairs, Government of India is also supporting this first ever investment focused platform, between India and Latin American and Caribbean countries,” it said.
‘Invest India’, which is a joint venture between FICCI and DIPP, will play a key role in this initiative.
This Conclave is an endeavor to build on the momentum generated in the ties between India and the region following the visit of Prime Minister Narendra Modi to Brazil, where he interacted with the leaders of the South American nations.
The India-LAC Investment Conclave 2014 is happening at a time when India and Latin American equations are on the cusp of a paradigm shift amidst signs of Latin America rapidly emerging as one of the major growth engines of the world. India’s trade with the top 10 trade partners of Latin America in 2013 was roughly USD 40 billion. In this, Peru has joined the billion-dollar club of the 6 other countries namely Brazil, Venezuela, Mexico, Chile, Colombia and Argentina with whom India's trade is over one billion dollars.
Argentina is the 6th largest partner of India with bilateral trade between India and Argentina witnessing a quantum jump during the last five years from about USD 851 million in 2008-09 to USD 2 billion in 2013. However, it is felt that bilateral trade between India and Argentina can more than double to USD 4 billion in the next five years from the current level as there is a huge untapped potential.
As the ‘partner country’, Argentina’s delegation for the India-LAC Conclave 2014, is the largest among the participating Latin American countries and will feature over 50 delegates, including eminent business leaders and entrepreneurs. The main sectors represented in the delegation are agriculture, food processing including machinery, IT / ITES, pharmaceuticals and renewable energy, in sync with the potential areas for cooperation identified between India and Argentina. The highlight of the Conclave is an ‘Argentina Country Session’, on 16th October, 2014, which will offer a platform for businesses from both sides to explore partnerships.
Argentina offers many advantages that Indian businesses can explore. It is regarded as the best point of entry to Mercosur, which is a regional common market composed of Argentina, Brazil, Paraguay, Uruguay, Chile, Bolivia and Peru providing access to a market of 226 million people.
Speaking about the significance of this conclave and partnership between India and Argentina, Argentinean Ambassador in India, Raul Ignacio Guastanivo said “Definitely, the scope of India’s PTA with Mercosur needs to be expanded. We should create more platforms and channels to promote and strengthen our bilateral relationship. In agriculture and food processing there is a big potential. Argentina, as an agricultural powerhouse, has the potential of becoming a major contributor to India’s food security, by the means of trade and investments, but also through an enhanced cooperation in agricultural technology.”
Expressing his views on the strength and potential of the Argentinian market, India’s Ambassador to Argentina, Amrendra Khatua said, “I strongly believe that Argentina is the next USD 10 billion plus bilateral trade exchanges market for India over the next few years. In this context, participation by strong trade and industry and Ministry and Ministerial delegation from Argentina in the India-LAC Investment Conclave 2014 will add to the momentum of growing trade and economic relations between India and Argentina”.
Peru, the ‘Focus Country’, will also showcase its business prospects through a high-powered delegation featuring prominent industry representatives and potential sectors. The Peruvian economy has been demonstrating a strong performance with an average growth of 5 per cent since 2000. According to a World Bank report of 2013, Peru ranked 42nd globally and 3rd among LAC countries in terms of ‘Ease of Doing Business’.
The Ambassador of Peru in India, Javier Paulinich Velarde said, “Today, Peru is one of the world’s leading emerging markets in South America with an important economic stability, based on an uninterrupted average annual growth over the past 14 years of 5.6 per cent of its GDP with favourable investment conditions. Peru welcomes foreign investment with an open regulatory environment. I invite all of you to take advantage of this exceptional chance to discover Peru with very promising investment opportunities.”
There are investment opportunities in Peru for Indian companies in mining, energy and services sectors. Foreign investment is pouring into mining, hydrocarbons and big infrastructure projects. There are oil and gas potentials too which are being explored. Peru has already started exporting gas. There will be a special session on Peru, on October 17, 2014, during the Conclave. (KNN/ES)
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