The Hindu : Central America looks to India as new economic partner

Online edition of India's National Newspaper
Tuesday, Feb 03, 2004

Business

Business

Central America looks to India as new economic partner

By Our Special Correspondent

NEW DELHI, FEB. 2. The Foreign Ministers of Central American Countries today pitched in strongly for Indian investments in Central America, saying that closer economic integration between India and Central America would foster stronger bilateral ties between the two regions.

At a meeting with the captains of Indian industry, organised by the Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI), here, the Ministers unanimously felt that bilateral trade between the two countries was far below potential and said that more integrated and intensive efforts were needed to achieve the true potential.

Maria Eugenia Brizuela de Avila, Foreign Minister, El Salvador, said integration was a means towards economic growth and after 9/11, there was an obligation to integrate with the new world order.

She said that Central America was looking towards India as a new economic partner in the new world order.

Norman Jose Caldera Cardenal, Foreign Minister, Nicaragua, said Nicaragua was strategically located and asked Indian entrepreneurs to invest in his country as it was the gateway to other Central American countries.He said Nicaragua was on the road towards fast-paced reforms.

Central America under CAFTA was the right place to invest with intellectual property rights agreement in place.

There were measures to foster competition and there were environmental regulations in place, said Mr. Cardenal adding that legal bridge was in place to provide continuous legal highway. The Vice Foreign Minister of Guatemala said Guatemala was a great tourist spot and identified chemicals, fertilizers as other potential areas of cooperation.

Oscar Alfredo Santamaria, Secretary General, SICA, remarked that Central America was a region which has political stability and was growing at a fast pace.

Primrose Sharma, Indian Ambassador to Panama, observed that it was time for India to look towards and rediscover Central America as the region had great potential.

Earlier, Ravi Wig, Executive Committee Member, FICCI, said the total trade between the regions was about $753 million, which constituted less than one per cent of the total trade in the region.

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