PHDCCI Organizes India-GRULAC Business Summit & Trade Expo focusing on strengthening strategic partnership

NEW DELHI: With a view to exploring the bilateral trade and investment opportunities between with Group of Latin American and Caribbean Countries (GRULAC) across various sectors of goods and services, the PHD Chamber of Commerce and Industry (PHDCCI) organized the India-GRULAC Business Summit & Trade Expo 2021 on Tuesday.

In the hybrid event held on 21st September, the theme was strengthening the strategic partnership to create awareness about the potential economies and business sectors across the Latin American countries and Caribbean countries that hold huge potential for a viable bilateral trade window.

In the introductory remarks, Mr. Jagmohan Mongia, Chair, International Affairs Committee for Americas,  PHDCCI, said that, with India’s current rise of global exports and investment capabilities, there is an urgent need to identify new markets globally to widen the scope of investment as well as trade. Initiatives by the PHDCCI like the India – GRULAC Business Summit & Trade Expo will foster the India SME sector and provide information on the growth prospects, finding a market for their products, and mobilizing investment in Latin America and the Caribbean region.

Reflecting upon the trade figures, H.E. Mr. Dinesh Bhatia, Ambassador, Embassy of India, Argentina, Uruguay, and Paraguay informed that, there is a visible growth in India’s import-export trade with Argentina, Uruguay, and Paraguay. In the last year, the Inia – Argentina trade particular has reached a level of 3.3 billion dollars. In the case of Paraguay, it was 176 million dollars and with Uruguay, it was 268 million dollars. These three countries are mainly the exporters of primary products and are one main source for India’s edible oil requirements.

While giving an overview on the bilateral relationship of India with the Latin American and Caribbean countries, Mr. S. Suresh Kumar, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, shared that, both the regions have just emerged out of the Covid 19 pandemic and expected to grow faster than many other regions of the world. In order to encourage trade and investment between these regions, there are several initiatives that the government of India has taken over the years.

H.E. Mr. M Subbarayudu, Ambassador of India to Peru and Bolivia, said that South American represents a huge opportunity for the Indian industry. The economic and commercial engagement is yet to reach its true potential. Complementarities that we share with the economies of South America and quality of products that we produce high tech solutions that we offer and above all the aspect of suitability and affordability that our products represent should help Indian industries to expand trade and business ties.

H.E. Mr. Alberto Antonio Guani Amarilla, Ambassador, Embassy of Uruguay mentioned that Uruguay has one the highest GDP per capita in Latin America. Uruguay has an attractive investment promotion system whereby foreign and local investors are treated equally. The state offers free and universal access to a wide variety of college degrees. Uruguay is also the first country to implement the ‘one laptop per child program’. The country is also very strong in services, there are special promotion regimes for contact centers; any company based in a tax-free zone is exempt from all taxes.

H.E. Mr. David Puig, Ambassador, Embassy of Dominican Republic appreciated the efforts of PHDCCI for conducting the India – GRULAC Business Summit and Trade Expo, he will be presenting an elaborate informative presentation tomorrow focusing on the bilateral trade and business channels between India and the Dominican Republic.

H.E. Dr. Roger Gopaul, High Commission of Republic of Trinidad and Tobago said that going forward, it’s important to pay close attention to the Caribbean under Latin American counties. The markets that were once traditional markets now must be revised and in so doing, the GURALC are open for business; opportunities that were not fully explored in the past now must be explored and utilized to their utmost potential.

Lucas Di Britos Representative From the Embassy Of Brazil said that, In Early 2020, We signed an action plan to create investment and trade across sectors of agriculture and biofuels. We have also signed agreements such as the investment cooperation agreement and agreement on social security. The bilateral trade between Brazil and India is around 6 billion dollars and we see a lot of space for improving and diversifying the trade flows between the two countries. Both the economies are growing and as our economies are going new customers come with emerging markets which will be extremely helpful.

Ms. Ria A. Sital, Chargé d’ Affaires, Embassy Of The Republic Of Suriname, extended her thanks and warm regards to the PHDCCI for organizing the India GRULAC business summit which she said will be crucial for the exchange of important information and further create a synergy between India and the countries of Latin America as well as the Caribbean.

Mr. Jorge Anrango, Charge d’Affaires, Embassy of Ecuador mentioned that Ecuador offers privileged locations that are great for foreign investment; access to the foreign markets is also a major virtue in terms of foreign investment for Ecuador. Recently, India and Ecuador signed the Protocol for Completion of the Joint Feasibility Study (JFS).

The  India GRULAC Business Summit & Trade Expo 2021 organized by the PHD Chamber of Commerce and Industry continued on the second day, 22nd September 2021, and was attended by high commissioners from the Latin America and Caribbean Countries to exchange intel, significant to the promotion and expansion of bilateral trade channels.

H.E. Mr. Jason Keats Matthew Hall, High Commissioner, Jamaican High Commission highlighted on friendly business climate and growing economy which have contributed to the success of countless multinationals, medium and small businesses. He also reflected upon comprehensive knowledge of the focus sectors such as tourism, mining, BPO/KPO/Digital services, Outsourcing, Agribusiness, Manufacturing or Last stage Customization, Logistics ( and Postponement),  Renewable energy, Infrastructure, and Health services which will help investors discover their next stories. Jamaica is the 6th easiest place to start a business globally according to World Bank Doing Business Report, 2019).

H.E. Dr. Roger Gopaul, High Commissioner, High Commission of the Republic of Trinidad & Tobago in his presentation highlighted upon actualizing natural convergences between India and Trinidad & Tobago: Vision for a shared future.  He shared that Trinidad and Tobago are robust, welcoming foreign investment destinations with a strong economy, prime regional positioning, investor’s friendly climate policies, an efficient financial system, and healthy economic indicators.

H.E. Mr. David E. Puig Buchel, Ambassador, Embassy of the Dominican Republic shared that the Dominican Republic is the 1st investment destination on the Caribbean Island and a land full of opportunities. It is the best option for logistics distribution centers in the Caribbean region. The Dominican Republic exports through more than 3,167 tariff lines with exports to more than 167 markets and it has more than 30,000 Million Dollars in export and import.

H.E. Mr. R Masakui, High Commissioner of India to Jamaica in this address mentioned that India and Jamaica share a friendly business climate and continues to welcome investors from across the globe. The country has had an extraordinary track record in supporting large-scale investment projects to tap into the wealth of investment and trade opportunities that the country has to offer.

H.E. Mr. Arun Kumar Sahu, High Commissioner of India to Trinidad and Tobago in his video message said that Investors choose Trinidad and Tobago for new investment or expansion because of the ideal location and wide-ranging market access.

H.E. Mr. Claudio Ansorena, Ambassador, Embassy of Costa Rica in his remarks mentioned that Costa Rica’s best-known asset, but sustainable productivity has made it a thriving destination for foreign direct investment.

H.E. Mr. Giovanni Castillo, Ambassador, Embassy of the Republic of Guatemala in his presentation mentioned that Guatemala is enabling inclusive economic growth and contributing towards the holistic advancement of the country. The plan “Guatemala No Se Detiene” (GNSD) is a strategy to reactive and accelerates the development of the economy and generate opportunities in the next 10 years.

H.E. Mrs. Yasiel Alines Burillo Rivera, Ambassador, Embassy of Panama in her presentation highlighted Panama’s special economic zones & laws. She said Panama is positioned as one of the best-connected countries in the world and a digital hub, which makes it the hub for Latin America and the Caribbean.

H.E. Mr. Upender Singh Rawat, Ambassador of India to Panama, Costa Rica, and Nicaragua emphasized the importance of the strategic location of Panama, Costa Rica, and Nicaragua that Join the continents of the Americas and the oceans of Atlantic and Pacific along with the precious of numerous free trade zones in the region which can speed up the logistic operation of Indian Business.

H.E. Mr. Suresh  Reddy, Ambassador, Embassy of India, Brazil in his video message highlighted Brazil has an open and diversified economy and offers a wide array of opportunities across multiple productive sectors and offer numerous opportunities for business development.

The event summit was also supported by Annual Sponsors such as DLF India; Multani Pharmaceuticals; UFLEX; JK Tyre & Industries; Marble City; Paramount Cables; SMC Investments and Advisors; Blossom Kochhar Aroma Magic; Comtech Interior; DCM Shriram Industries; Radico Khaitan; R.E. Rogers India; Ajit Industries; Synergy Environics; Continental Carriers; Timberworkz; Jindal Stainless; Modern Automobiles; P S Bedi & Co; IFFCO and Hindware.