Argentina, Peru plan big for the India-LAC Investment Conclave 2014
- first ever investment focused platform, between India and Latin American and Caribbean countries. The initiative is supported by Ministry of Commerce and Industry and Ministry of External Affairs, GoI
- India-LAC Investment Conclave 2014 is being held on October 16 and 17, 2014, at New Delhi
- Argentina is the Partner Country for the conclave
- Peru is the Focus Country for the conclave
NEW DELHI, Sept 19, 2014: 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, Government 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.
‘Invest India’, which is a joint venture between FICCI and DIPP, will play a key role in this initiative.
India-LAC Investment Conclave is an endeavour 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.
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 US$ 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.
Partner Country: Argentina
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 US$ 851 million in 2008-09 to US$ 2 billion in 2013. However, FICCI feels that bilateral trade between India and Argentina can more than double to US$ 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.
FICCI feels that bilateral trade between India and Argentina can more than double to US$ 4 billion in the next five years from the current level as there is a huge untapped potential.
Speaking about the significance of this conclave and partnership between India and Argentina, Argentinean Ambassador in India, H.E. 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, Mr Amrendra Khatua said, “I strongly believe that Argentina is the next US$ 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”.
Focus Country: Peru
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, Mr 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.
The India-LAC Investment Conclave thus is a response to the need to convert the opportunities into concrete deliverables that will drive cooperation in trade, services and investments between India and the region. It is being held on October 16 and 17, 2014, at New Delhi.