Ecuador trade office opened in Bengaluru to spur business ties

Bengaluru: In collaboration with the Latin American Caribbean Federation of India (LACFI) and the Indian Economic Trade Organisation (IETO), Ecuador opened a trade office here to boost business ties.

"Ecuador Ambassador to India Hector Gonzalo Cuvea Jacome unveiled the office in the presence of top Karnataka officials, including Additional Chief Secretary Shalini Rajneesh," LACFI spokesman Mohit Srivastava said in a statement here.

Noting that there was growing interest in India in South America as it was an emerging region for business opportunities, Srivastava said the two trade bodies plan to open more trade offices in Chennai, Hyderabad and Kochi across the southern region to facilitate Indian businessmen do trade in Latin American and Caribbean countries.

The trade office will work with Ecuador's embassy in New Delhi and explore business opportunities in Bengaluru, Chennai and other southern cities.

"Trade ties with Ecuador have huge potential, as the LAC region is a priority for the Indian government in line with the Prime Minister's vision," said IETO President Asif Iqbal.

As the partnerships will be guided by LAC region's priorities, efforts will be made to build local capacity and local opportunities.

"We will bring the South Indian market closer and make it attractive to trade with the Latin and Caribbean region," Iqbal said.

The trade bodies are setting up the India-Latin American Arbitration Council to support firms between the two regions and build trust among businessmen, said Ecuador Trade Commissioner Anuradha Pradeep.

A 35-member delegation from south India of the LACFI will visit Ecuador in May to explore opportunities in the health sector, skill development and agriculture.