Live
- Three persons admitted to hospital for diarrhea treatment
- First Star Outside Milky Way Captured: WOH G64 is 2,000 Times Larger Than the Sun
- Sikkim govt to constitute state Niti Ayog: CM Tamang
- CBI books Rajasthan narcotics inspector for Rs 3 lakh bribe
- Rajasthan bypolls: A tough contest between BJP and Congress
- Albania joins SEPA, paving way for EU integration
- Japanese government approves 250-billion USD economic package to ease price pain
- Six pharma companies to set up their units in Telangana
- The Unstable Events of a 17-Wicket Day in Perth: India vs Australia
- Dutch FM's Israel trip cancelled after Netanyahu's arrest warrant
India, Latin American nations have huge potential to boost trade ties: prabhu
India and countries of the Latin American and Caribbean region have huge potential to boost economic ties in areas like agriculture, health, energy and information technology, the commerce ministry said on Thursday
The LAC region comprises 43 countries and the major economic and trading partners of India.
​New Delhi: India and countries of the Latin American and Caribbean region have huge potential to boost economic ties in areas like agriculture, health, energy and information technology, the commerce ministry said on Thursday.
Quoting Commerce and Industry Minister Suresh Prabhu who addressed diplomats of the Latin America and Caribbean (LAC) Strategic Economic Cooperation here Wednesday, it said there is a need for a multi-pronged strategy to enhance bilateral trade in merchandise and services.
"India, as a fast growing developing economy is experiencing burgeoning food and energy needs, and therefore, deeper ties with partners in the LAC region could prove to be mutually beneficial," it said.
The ministry said that Indian companies could form joint venture projects for cultivation of lentils, oil-seeds and food grains, which are crucial import items, besides conducting joint research in dairy farming, seeds and pulses.
Indian companies can also work towards leveraging the opportunities arising from the growth in demand for IT products and services within the region, it added.
The LAC region comprises 43 countries and the major economic and trading partners of India are Brazil, Argentina, Peru, Chile, Colombia, Ecuador, Guatemala, Venezuela, Panama and Cuba.
India-LAC bilateral trade during 2017-18 stood at USD 29.33 billion as against USD 24.52 billion in 2016-17.
