External affairs minister Salman Khurshid is visiting Chile and Argentina in order to strengthen bilateral trade ties with the region and gain greater access in that market for Indian businesses.
Khurshid is visiting Chile from February 5-7 and Argentina from February 7-8 with the aim of “strengthening and deepening relations with Latin America and Caribbean,” stated an official statement.
Indian investments in the region in the area of trade have reached $30 billion in 2012 while cumulative investments is expected to be $16 million, the statement issued by the ministry of external affairs said.
The government is looking at building robust business ties with the region’s trading block-Community of Latin American and Caribbean States (CELAC) – representing 33 Latin American and Caribbean countries.
During his visit to Chile, Khurshid will be meeting his counterpart Alfredo Moreno Charme. India has a preferential trade agreement (PTA) with Chile with bilateral trade surpassing $2 billion. According to the ministry of commerce and industry, bilateral trade between the two countries has increased to $2.6 billion in 2011-12 from $1.9 billion in 2009-10, up 36%.
Argentina is viewed as an important partner in India’s long term food security strategy. Here the minister is expected to meet its foreign minister Hector Timerman besides calling on senior leadership.
“Our trade with Argentina in 2012 was $1.75 billion. Argentina is a new and important destination for Indian companies. Indian investments are estimated at over $1 billion in Argentina. Potential joint ventures are being examined in sectors like agro-industries, oil & hydrocarbons, mining ICT, infrastructure industries, chemicals and auto industries,” the statement said.
