Online edition of India's National Newspaper
Tuesday, Jul 31, 2007
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Tamil Nadu
Special Correspondent
in discussion: (From left): K.K.M. Kutty, Chairman, International Business Alliances Task Forces, CII, southern region; K. Bajnath, Ambassador of Suriname in India; Khalid Jamal, Director, Ministry of Commerce and Industry; and Sunil Paliwal, Executive Director, TIDCO, at a seminar organised by CII in Chennai on Monday.
CHENNAI: Ambassador of Suriname in India K Bajnath on Monday invited Indian firms to invest in the Latin American and Caribbean (LAC) countries. Speaking at a seminar on “India-Latin America and Caribbean: Scaling New Business Horizons,” organised by the Confederation of Indian Industry (CII), Mr. Bajnath said India was already having partnership with Brazil in research and development and production of bio-fuel. This partnership could be extended to other countries in LAC region and should include renewable sources of energy such as bio-fuels and hydro power, apart from traditional sources. India should further leverage LAC partnership to gain access to oil, minerals, forestry and agriculture resources of the LAC region, as well as its literate population that make them ideal platform to promote joint ventures in service sector, especially tourism and information technology, he said. Pointing out the opportunities that exist for Tamil Nadu enterprises in areas of agriculture, especially on floriculture and horticulture front, he pointed out that a professor from Coimbatore had recently conducted a research on cashew cultivation in Suriname on a pilot basis. Khalid Jamal, Director, Union Ministry of Commerce & Industry, said India’s bilateral trade with Latin American countries had increased from $1 billion in 1996-97 to $5.6 billion in 2005-06, registering an increase of over 440 per cent in a decade. Despite the high growth rates and increasing share, India’s export constituted a miniscule part of the total imports of the region. While the global imports of the LAC region was $526 billion in 2005, India’s export share was only 0.5 per cent of the region’s imports. “We need to work for a larger slice of the cake,” Mr. Jamal said and added that the macro economic fundamentals are becoming strong and healthy. For instance, the LAC region had seen consistent growth of around 5 per cent since 2003 and the inflation had been contained to around 6 per cent. K.K.M. Kutty, Chairman, International Business Alliances Task Force, CII-Southern Region, pointed out that LAC region had a combined GDP of $3 trillion in real terms and a combined population of more than 550 million. He said both the countries could benefit immensely by leveraging their combined strengths in different areas.
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