India and LAC region have remarkable similarities belying the expected gulf due to oceans of distances and cultural evolution. Blessed with human capital, abundant natural resources and a growing pool of technologists, innovators and entrepreneurs, this relationship between our emerging markets can unlock new opportunities of industrial prosperity and human development.
Recent trends in trade figures reflect that India and LAC have established strong bilateral trade links. India and LAC region are also working with the various trade blocs like MERCOSUR, Pacific Alliance, and others to develop synergy in trade. There has been a significant presence of Indian companies in the LAC region in diverse sectors of IT, pharmaceuticals, crude oil, agro-chemicals, automobiles, etc. Similarly, major big companies from LAC countries like BIMBO, Cinepolis, WEG, AJE Group, etc., have their presence in India.
It is the right time to explore collaboration opportunities in non-conventional services sector as India is a strong service driven economy. To achieve success, business establishments from India and LAC must explore and tap opportunities in services. Forging partnerships and building relationships with fellow businesses are vital to the progress of a business in any industry. Not only does a partnership increase customer base, but it also provides opportunities to learn new strategies and open-up new revenue streams.
Joint collaborations in the sectors of media, entertainment, aviation, telemedicine, e-Governance, Ayush, Fintech, EdTech, innovative technologies, skill development will assist in vitalizing the strong existing business relationship between the two regions.
During LEADS 2021, the LAC session will be the optimistic connector between India and LAC’s future of partnerships in services.
The author is Secretary General, FICCI
**This blog is a part of the ‘FICCI LEADS 2021: Reimagine the World’ series.