Vice President Mohammad Hamid Ansari on Monday officially launched the Indian Chambers of Commerce (INCHAM) during his visit to Peru at a special function jointly organized by the Embassy of India, Peru and INCHAM here today.
Ambassador of India to Peru Manpreet Vohra and President of INCHAM, Ravi Krishna, senior officials and business leaders from both India and Peru were present on the occasion.
INCHAM aims to facilitate Indian Trade and Industry to do business in Peru and other countries of Latin America.
Vice President Ansari said the new organization promises to fill what has so far been a vacuum in India-Peru commercial and economic relations.
The official website of INCHAM was also launched during the occasion.
INCHAM seeks to increase awareness of either country's business opportunities in the other. It will offer information and advisory services, and it will provide the important bridge between businesses and governments, which is vital when economic relations reach a take-off stage, as they have between India and Peru.
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India-Peru bilateral trade is increasing very quickly and has gone up by seven times in the last five years. The growth rate last year was 35 percent. In the first six months of this year, it rose by over 44 percent.
Peru is rapidly becoming one of the more important trade partners for India the region.
Looking at the potential, the Governments of India and Peru are hoping to start negotiations for a Free Trade Agreement (FTA) soon.
Indian investments in Peru are also rising. The number of Indian companies with offices here is increasing steadily, as also the number of Indian professionals working here.
India also hopes to finalise the Bilateral Investment Promotion and Protection Agreement with Peru in the near future.