India Plays Catch-Up to Strengthen Ties across Latin America
Being one of the most promising developing countries in the world, the Indian government led by Mr. Modi trying to extend its trade business towards the Latin American Countries (LAC). In the first month of the New Year 2017, the Indian government made an open free trade agreement with the Latin American country ‘Peru’ which the India’s first open free trade agreement.
Now with that initiatives several SME’s and MSME’s startups can be formed the developing nation India with the collaboration of several LAC and also with the major & emerging economics countries of the world. With reference to the statement released by the India government officials on last November 2016, the government is about to extended such form of trade agreements in many developed nations across the world in order to boost the trade and commerce sectors of the nation.
Image source: forbes.com
The open free trading agreement leads to the situation where companies from both India as well as countries from Latin America are getting closer in terms of investments. In record, India’s majority of the exports are towards the Central America followed by the Southern America and several companies from India willing to invest in the LAC region. In fact, currently about hundreds of Indian based companies are already invested in LAC with the whopping amount of over 12 billion US dollars.
The experts from LAC and India widely believes that the sectors like metal, petrochemicals, mining, Pharmaceuticals would find majority of growth under this free trade agreements with LAC.