In a bid to boost exports to Latin America, the Commerce Ministry said on Friday that India will enhance economic co-operation with Uruguay.
During a meeting with Uruguay's Industry, Energy and Mining Minister Mr Roberto Kriemerman, the Commerce and Industry Minister, Mr Anand Sharma, said India treats Uruguay as a major partner in the Government's ‘Focus: Latin America and Caribbean' (LAC) programme. The programme provides incentives and financial assistance to encourage Indian exporters/companies to boost shipments to the LAC region. The focus sectors to expand bilateral trade and investment with Uruguay will be agro-business, chemicals, pharmaceuticals, textiles, automobiles and auto parts, machineries, IT, industrial technology and plastics, Mr Sharma said in an official statement.
Considering the huge opportunities in areas of mutual interests, the volume of bilateral trade between the two countries was still low, he rued.
India-Uruguay trade in 2009-10 was just $64.37 million with Indian exports to Uruguay being $48.33 million and imports from Uruguay worth $16.04 million. Indian exports to Uruguay comprised of chemicals, plastics, electronics, pharmaceuticals, cars, tractors and apparel, while major Indian imports from that country are wool and woven fabrics, wood and wooden articles, paper, iron and steel, raw hide and leather.