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Indian and South American trade volumes to grow
09/01/2012
The annual value of the trade between India and Latin America could rise to around $50 billion by 2014, due to economic growth in both regions, with Brazil being a key driver.
R. Viswanathan, India's ambassador to Argentina, Uruguay and Paraguay, recently said that India is increasingly turning to natural resource-rich countries such as Brazil for essential imports. The two-way trade between the regions was $23 billion in 2010, including $9 billion of India's exports to Latin America and imports of $14 billion.
"[Latin America] is going to be a regular source of imports of crude oil, edible oil, minerals, timber and other products which India needs to sustain its high growth," Viswanathan explained. "Agribusiness, food processing, energy and mining are the growth areas of Latin America and the Indian companies should target them for trade and investment."
He added that, like much of the rest of the world, Indian companies would be looking to make significant investments in Brazil in the coming years, due to the allure of the 2014 World Cup and 2016 Olympics, which are both being held there.
As a mark of its confidence in the Latin American market, the Indian government is offering various incentives to boost exports to South America and the Caribbean.
R. Viswanathan, India's ambassador to Argentina, Uruguay and Paraguay, recently said that India is increasingly turning to natural resource-rich countries such as Brazil for essential imports. The two-way trade between the regions was $23 billion in 2010, including $9 billion of India's exports to Latin America and imports of $14 billion.
"[Latin America] is going to be a regular source of imports of crude oil, edible oil, minerals, timber and other products which India needs to sustain its high growth," Viswanathan explained. "Agribusiness, food processing, energy and mining are the growth areas of Latin America and the Indian companies should target them for trade and investment."
He added that, like much of the rest of the world, Indian companies would be looking to make significant investments in Brazil in the coming years, due to the allure of the 2014 World Cup and 2016 Olympics, which are both being held there.
As a mark of its confidence in the Latin American market, the Indian government is offering various incentives to boost exports to South America and the Caribbean.
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