According to Mr R Viswanathan ambassador of India to Argentina, Uruguay and Paraguay, The global downturn has created a panic world wide but it hasn't affected the Latin America as much, instead, it has opened a new window of opportunities for Indian companies to invest in Latin America in view of its strong macroeconomic fundamentals and a resilient economy.
Mr Viswanathan in his keynote address at the Seminar on "India & Latin America: Augmenting Synergies in the Post-Crisis World" said that Indian companies should formulate long term strategies based on the present and future potential of the region. He said that India's trade with Latin America has undergone a paradigm shift in this decade and is on a high growth trajectory. In the last eight years, it has gone up by eight times to USD 16 billion in 2008 from USD 2.1 billion in 2000.
Mr Viswanathan said that India's exports to Latin America are set to increase in the coming years because of the positive change in the market of the region and the favorable mindset of Latin Americans towards India.
Mr Viswanathan added that Indian companies could explore opportunities in Latin American countries in sectors such as; Information Technology, Manufacturing, Renewable Energy, Agri Business and Pharmaceuticals where it has a competitive edge compared to other Asian countries.
Mr TC Venkat Subramanian CMD of Export-Import Bank of India in his special address said that the global downturn has seen a large dip in exports by several Latin American countries. He said that the EXIM bank would help Indian companies to enhance exports to Latin American countries. Indian companies having joint ventures with Latin American companies could avail the EXIM bank loan for equity investment, said Mr Subramanian.
He also said that the International Finance Corporation has approved credit to 15 Latin American countries which could be well leveraged by Indian companies for expanding their business.
Source : thebusinessmail.com