Commerce Secretary Rita Teaotia seeking investments from Latin American nations emphasized upon the need to strengthen the existing trade pacts to boost economic ties between the two regions and said that the widening of the trade pacts will help to facilitate business exchanges with each other.
She further stated that huge number of potential are there between these two regions where they need to expand their trade and investment ties. She said 'The potential is immense. If we are able to enlarge and strengthen the agreement then the potential for multiplying these gains mutually is really strong'. India is engaging with many countries in Latin America where there is more scope to have investment. Besides, she urged the Latin American countries to show their participation in 'Make in India' initiative which will help in providing conducive environment for investors.
The Commerce Secretary highlighted that vast opportunities exist in the infrastructure sector where more investments are being welcomed. Besides, there is huge scope in service sector as well. Inviting investments in mining, she said India allows 100 per cent FDI in the sector under automatic approval route. Further she said that India can cooperate in IT, education, telecommunication, yoga, tele medicine and healthcare services. Both the countries can increase trade and investments in areas such as energy, minerals, chemicals, pharmaceuticals, automobiles, hydrocarbon and IT. The two-way trade between India and Latin America has increased to $45 billion in the previous fiscal from $3.76 billion over a decade back.
India has entered into a trade agreement with MERCOSUR bloc (comprising Brazil, Argentina, Uruguay and Paraguay) and Chile and where it is likely to widen the base of these pacts, adding value to it and really using it as a tool to be able to facilitate business exchanges with each other.