India-Latin America trade worth $50 bn: Jaishankar

NEW DELHI: External Affairs Minister S. Jaishankar, who is currently on a four-nation tour of North and South America, said that the India-Latin America trade estimated to be $50 billion has a much diversified basket.

“Significant increase in investments and interest in mining, energy, agro and infrastructure sectors will power it further,” he said while delivering a keynote address at the India-Latin America Business Forum in Panama in Monday.

As the fifth largest economy, India’s presence across the world is steadily growing, he informed the audience while adding that “transformation in manufacturing, infrastructure, innovation and startup culture within India are game changers”.

Long awaited reforms in India has led to record Indian exports, Jaishankar said, noting that Latin America is an attractive market. “Providing vaccines to 100 countries and medicines to 150 nations, India’s proposition as ‘Pharmacy of the World’ is welcomed by all,” he noted.

India’s robust digital backbone allows delivery of public goods and tools for business and Indian products are a natural fit for Latin American middle class, Jaishankar said.

Highlighting India’s expanding footprints across geographies, the Minister further said: “Indian project execution has grown across geographies. ‘Made in India’ and ‘Delivered by India’ are globally becoming realities. Indian agriculture is making strides in yields,quality, technology. This has external implications.”