JOIN USLatin America, a major export and investment destination for Indian companies, has beckoned further investment and business from the country, promising vast opportunities.
Having grown 6.5% over the last five years, the region’s economy contracted 0.1% in 2015.
But diplomats from the region told delegates at an outreach programme organised by the CII on Monday that this is a transitional period, and Latin American governments have taken steps to get the region out of the said situation.
Mentor Villagomez, Ambassador of Ecuador and Coordinator of the Latin American and Caribbean Group said, “The region fell into recession towards the end of last year. However, this is a transitional period, and the Latin American governments have taken the necessary measures.”
Augusto Montiel, Ambassador of Venezuela to India, while inviting Indian investment in his country, assured the latter of uninterrupted supply of oil to meet the country’s entire demand.
According to Melba Pria, Ambassador of Mexico to India, Mexico is India’s largest investor from Latin America, with an FDI flow of over $800 million between 2009 and 2015. India’s FDI into Mexico totaled over $2.5 billion between 1999 and 2015. Trade between the two countries grew 387% between 2004 and 2014, to $6.4 billion.
“Approximately 60 Indian companies, mainly from the automotive, pharma and IT sectors, function in Mexico. There is vast potential in tourism sector too, as last year Mexico received 52,339 visitors from India, an increase of 54% compared with 2013,” Pria said.