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WTC Mumbai signs MoU with Columbia India Chamber

Jan 06, 2020

An interactive programme on ‘Promoting Colombia India-Bilateral Trade Relations’ was organised by MVIRDC World Trade Center (WTC) Mumbai jointly with All India Association of Industries (AIAI) at WTC Mumbai. Mr. Cristhian Salamanca, Executive Director, Colombia India Chamber of Commerce & Industry said, “I am honoured to enter into strategic partnership with WTC Mumbai for strengthening India-Colombia relations. This partnership will help achieve target of USD 10 billion bilateral trade by 2030, envisaged by both governments. Gold is the major commodity imported from Colombia into India. Around 40 Indian companies have presence in Colombia and some operate through free trade zones (FTZs) of Bogota. India is an attractive destination for Columbians since 6,000 visas are issued every year by Indian Embassy in Columbia.”

During the programme, Colombia India Chamber of Commerce & Industry signed memorandum of understanding with WTC Mumbai to promote India-Colombia relations.

Mr. Salamanca said, “In March 2020, Colombia India Chamber of Commerce & Industry will lead three trade missions comprising around 50 companies across engineering, information technology and pharmaceuticals to Hyderabad and Mumbai. Both countries are negotiating a Partial Scope Agreement to promote trade in select sectors. The National Drug Surveillance Association of Colombia is planning a study visit to India to access scope for further cooperation in pharmaceutical sector. Colombia is inviting Indian investment in IT and other knowledge-intensive sectors through its Orange Economy initiative.”

Mr. Salamanca suggested Indian companies to invest in Colombia as a proposed gateway to 220 million consumer market of Pacific Alliance, which includes Peru, Mexico and Chile. India and Colombia have signed investment protection agreement and double taxation avoidance treaty.

Captain Somesh Batra, Vice Chairman, MVIRDC World Trade Center Mumbai said, “I suggest Colombian companies to explore opportunities in agriculture sector of India and mining industry, especially in the state of Odisha.

Mr. Vijay Kalantri, Vice Chairman, MVIRDC WTC Mumbai said, “There is huge potential to grow bilateral relations in areas such as pharmaceuticals, information technology, agriculture, automobiles. Indian companies can also explore investment in oil & gas opened for foreign companies in Colombia.”

The programme was attended by Mr. Pradip Madhavji, Honorary Consul General, Consulate of Colombia and dignitaries from trade & industry.

In photo:

From (L-R): Mr. Pradip Madhavji, Mr. Vijay Kalantri, Mr. Cristhian Salamanca, Captain Mr. Somesh Batra, Mr. Y. R. Warerkar and Ms. Rupa Naik.