- February 4, 2018
- Posted by: nitin
- Category: Feed
If there is one region where India is taking many new initiatives to step up political engagement and increase trade and investment, it is Latin America. An indication of India’s keenness is evident from the intensive interactions with the region in the last few months. There have been exchange of visits with almost all countries in the Latin American, Central American and Caribbean region in recent times.
In over one year of the Narendra Modi government, senior ministers have visited several countries including Mexico, Colombia, Venezuela, Ecuador, Guatemala, Jamaica and Dominican Republic . There have been incoming visits by Foreign Ministers of Mexico, Guatemala and Suriname. The President of Guyana and Vice president of Cuba have also visited India this year.
An Eye Opener and encourgaing news for businesses, India’s trade with Latin America is 43 billion dollars in 2014-15 and has the potential to reach 100 billion dollars by 2020. Venzuela was the largest trading partner in the region with 12.24 billion dollars, followed by Brazil 11.36 billion, Mexico 6.26 bn, Chile 3.65 bn, Colombia 3.24 bn, & Argentina 2.45 bn.
India’s exports to Brazil last year were more (5.96 bn) than the exports to France (4.96 bn), and Japan (5.38 bn), considered as close trading partners of India.