TAMIL NADU

Permanent Indian trade centres in Latin American nations mooted

ENHANCING TIES:Vinod Surana, partner & CEO, Surana & Surana (right), receiving the first copy of a CII report on Latin America from R. Viswanathan, Ambassador of India to Argentina, Uruguay and Paraguay, at a seminar in Chennai on Tuesday.

ENHANCING TIES:Vinod Surana, partner & CEO, Surana & Surana (right), receiving the first copy of a CII report on Latin America from R. Viswanathan, Ambassador of India to Argentina, Uruguay and Paraguay, at a seminar in Chennai on Tuesday.   | Photo Credit: — Photo: R. Ragu

Special Correspondent

They will initially display a few products such as light engineering goods

CHENNAI: To showcase the business potential of Indian firms to prospective buyers in the Latin American countries, the Commerce Ministry has mooted setting up of permanent trade centres in four cities, said Suchismita Palai, Director, Ministry of Commerce and Industry on Tuesday.

Delivering the special address at a seminar on ‘India and Latin America: augmenting synergies in the post-crisis world,’ organised by the Confederation of Indian Industry (CII), she said these trade centres would come up in Sao Paulo, Buenos Aires, Port of Spain and Santiago.

“As of now, it is in preliminary stage. We are holding discussions with the Embassies, High Commissioners and Ambassadors of these countries to set up product-specific trade centres that would function throughout the year. Funds have been allocated,” she said.

According to her, these trade centres would initially display a few products such as light engineering goods, leather, textiles, gems and jewellery.

Land and products for Port of Spain centre has already been identified.

Besides, the Ministry of Commerce and Industry is in the process of setting up help desks with translation services in five Indian cities – Chennai, Mumbai, New Delhi, Kolkata and Bangalore – and to open a dedicated portal for Latin American market.

R. Viswanathan, Ambassador of India to Argentina, Uruguay and Paraguay, said by setting up off-shore units in these countries,

Indian IT majors have removed the misconception about language and distance that hampered the trade ties.

Noting that India’s trade with Latin America was on a new paradigm of high growth, he said “it could go up to $30 billion by 2012, given the positive change in the market and the favourable mindset of Latin Americans towards India. The Preferential Trade Agreement with Mercosur and Chile would boost the trade in coming years.”

He released a brief study on Indo-Latin America and Caribbean Economic Relations, jointly prepared by CII and Surana and Surana International Attorneys.

T.C. Venkat Subramanian, Chairman and Managing Director, Export-Import Bank of India, said that though trade between two countries was increasing, it was much below the true potential.

Balance of trade was in the favour of Latin America and it was good for India. Micro, Small and Medium Enterprises should make use of the opportunity to enter these markets.

Laxminarayan Venkataraman, Delivery Head, Emerging Markets – India (Offshore), Tata Consultancy Services, said they entered Latin America to broaden their services for global customers. Out of the 6,500 workers, Indians accounted for less than 1 per cent and this region accounted for 4.7 per cent of TCS revenue.

C. Rathnakumar, Managing Director, Confident Engineering, narrated his success story.

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