Economy

El Salvador to scale up business ties with India

Zamora Rivas, Ambassador of El Salvador to India and R. Prabhakaran, Executive Director, Amalgamations Group at an interactive session held at the CII office in Chennai on Thursday. Photo: S.R. Raghunathan   | Photo Credit: S_R_Raghunathan

El Salvador is touting its geo-strategic location right at the heart of Central America to attract Indian trade and investments targeted at the sizeable Latin American and US markets.

The Spanish-speaking nation, which also widely uses English, is seriously considering scaling up business relationship with India, said Zamora Rivas, Ambassador of El Salvador to India, while participating in an interactive session hosted by the Confederation of Indian Industry (CII).

“The world in the last 20 years is clearly moving towards Asia and El Salvador realises the importance of aligning itself to a new order where the economic hub shifts from the Atlantic to the Pacific,” Mr. Rivas said.

El Salvador has as its value propositions for trade and investor partners. Political and economic stability, a free economy, connectivity and quality of life, Mr. Rivas said.

Easy linkages

The nation also provides easy linkages to the markets in Guatemala, Honduras, Nicaragua, Costa Rica and Panama. Besides, the numerous FTAs it has inked with important countries makes El Salvador an ideal platform for accessing US and European markets, he said.

Traditionally, India has been exporting pharmaceuticals, iron and steel, fabrics, textiles, three-wheelers, electrical machines, auto parts and scrap metal. However, India's share in the $ 5 billion imports was hardly $260 million.

“It is getting increasingly important to engage with Asian countries and business with India is very much central to our future plans,” said Mr. Rivas.

Some of the potential sectors for Indian exports were fertilizers, agro-chemicals, light machines, tractors and pumpsets while investment opportunities abounded in areas such as BPO/Call Centres, distributions and logistics, electronics, medical services and biomedical devices, Mr. Rivas said.

El Salvador, which is ramping up its Cutuco Port, is specifically interested in partnerships for port management modelled on the Chennai Port Trust, where the port is State-owned and the services outsourced, Mr. Rivas said.

Profiling the CII, R. Prabhakaran, executive director, Amalgamations Group, said the organisation “served as a reference point for Indian and international industries.”


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Printable version | Sep 20, 2021 10:05:45 PM | https://www.thehindu.com/business/Economy/El-Salvador-to-scale-up-business-ties-with-India/article15675674.ece

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