Despite the present global economic crisis, the macro-economic situation in Latin American countries is stable and favourable for Indian investors to invest, say envoys of Brazil, Paraguay, Peru and Dominican Republic.
Interactive session
Speaking at an interactive session on Business potential, investment and other strategic alliances between India and Latin American countries, Mr Carlos Duarte, Ambassador of Brazil to India, urged the business community in India to invest in Brazil in pharmaceuticals, sugar and ethanol manufacturing.
He said the Brazilian Government has programmes to promote pharma as a strategic industry.
Brazilian companies are getting into generics exports to other Latin American countries and Africa. There are over 500 pharma companies in Brazil, and multinationals account for 20 per cent of the companies and 70 per cent of sales.
The country’s bilateral trade with Brazil, one of the highest in the entire Latin American countries, has been increasing steadily over the last decade. From a mere $828 million in 2001 to over $9 billion in 2011, he said.
He said many Brazilian companies were interested in entering India in the infrastructure and construction and retail sectors.
Major exports
Mr Gennaro V. Papparlardo, Ambassador of Paraguay to India, said the country’s economy is based on agriculture and cattle ranching, its major exports to India are soya oil and leather, and it imports chemicals, pharmaceuticals, tractors and two-wheelers from India.
He said the country offers wonderful opportunities for Indian investors to improve the economic cooperation between the two countries.
Trade ties
Peru’s Ambassador to India, Mr Javier Paulinich, said his country is keen on improving bilateral trade relations with India, and there is a great scope for Indian investments in mining and manufacturing industry in Peru.
Earlier, Malgudi to Macondo – Journey of an Innocent Indian Through Seductive Latin America , a book written by former Indian Ambassador to Argentina was released by Mr M. Ganapathi, Secretary (West), Ministry of External Affairs.