India-LAC Ties Unaffected by Language and Distance

MUMBAI, INDIA - The India-Latin America & Caribbean Partnership Conclave on Trade and Investment saw World Trade Centre Mumbai, All India Association of Industries (AIAI) and GRULAC India host a cultural evening-cum-reception on June 15, 2017. Chief Guest Mr. Sumit Mullick, Chief Secretary, Government of Maharashtra said, “I strongly believe that India’s bilateral trade with Latin America Countries (LAC) countries can easily expand to USD 100 billion in the next five years from the present level of USD 46 billion. Today’s event will lead to more trade and investment dialogue between both regions in future. Distance and language are no longer barriers for enhancing economic co-operation between India and LAC. In this age of globalization, the world is becoming smaller and English is a global language”.

Mr. Mullick further added that I am happy that over 18 Ambassadors from LAC countries are attending this Conclave which is being held for the first time in Mumbai, the economic and commercial capital of India with participation of more than 250 delegates and had series of around 500 Business-to-Business Meetings that will result and translated into bilateral trade, joint ventures and investment opportunities. “Maharashtra has attracted 50% of total foreign direct investment into India in the last eight months. The state, with 10% of India’s population, contributes 35% to the overall export of India and 15% to the national GDP. Mumbai is the natural choice of location for most domestic and multinational companies,” added Mr. Mullick.

Mr. Ankan Banerjee, Director (LAC), Ministry of External Affairs, Government of India said, “The India-Latin America Conclave turned out to be a very productive and successful event. We hope and pray that India’s business relationship with LAC Countries grows strength by strength. “Earlier, Mr. Deepak Kesarkar, Hon’ble Minister of State, Home (Rural), Finance and Planning, Government of Maharashtra explained investment opportunities for LAC companies in Maharashtra. Mr. K. V. Nagi Reddy, Director–Department of Commerce, Ministry of Commerce & Industry, Government of India remarked, ”There is abundant opportunity to explore new markets and new horizons in LAC countries. The industry bodies and chambers of commerce must take advantage of the vibrant condition and the existing trade agreements to promote bilateral trade and investment.

Mr. Vijay Kalantri, Vice Chairman, World Trade Centre Mumbai said, “The India-Latin America Conclave is the first of its kind event in Maharashtra. The Conclave is the result of the co-ordinated efforts of WTC Mumbai, AIAI and GRULAC India over the last six months. We are also planning to organize similar conclave to promote India-Africa economic partnership in the near future.”

The event was graced by Dr. Malini V. Shankar, Director General of Shipping, Ministry of Shipping, Government of India, Mr. Sunil Porwal, Additional Chief Secretary (Industries), and Mr. Rajgopal Devra, Principal Secretary and Chief of Protocol, Government of Maharashtra.

The Cultural Programme included the performance of the classical dance Bharatanatyam depicting the cultural and geographic diversity of India. The Programme was well attended by ambassadors, senior diplomats from 18 LAC countries and industrialists.

During this WTC Mumbai and AIAI honoured companies that have made an exemplary contribution to promote bilateral trade between India and LAC countries. Companies that were honoured during the event included:

• United Phosphorous – Development of superior products that translate into sustainable growth for the benefit of the global agricultural sector 
• EsselPropack – Catering to LAC countries for growing demands of pharmaceutical and cosmetic sectors
• ShapoorjiPallonji Group - Built the National Cricket Stadium at Providence in Guyana.
• D. Y. Patil Group - Built a 500-seat Medical School at Turkeyen in Guyana
• Tata Consultancy Group – Development of successful IT &ITeS solutions for LAC government organizations and industries
• TechintE&C – Developing EPC projects in energy, oil, mining and infrastructure sectors
• Globant– Promotion of IT &ITeS across regions
• INVAP - Building a radioisotope plant in Mumbai to facilitate growth of nuclear medicine in India
• ACG Worldwide – Development of a pharma market in Brazil
• AJE – Development of a business model targeting an inclusive market for India and Peru11. Vistoni –Promotion of business relations between India and Peru12. Lima Group - Contribution to pursuing better understanding of the cultural values of Peru in India through the gastronomic industry

In Photo: Ms. Monica Lanzetta lighting the lamp. Also seen from (L-R): Mr. Vijay Kalantri and Mr. Sumit Mullick.