India and Latin America bilateral trade to touch $30 billion by 2012

A seminar on "India & Latin America: Augmenting Synergies in the Post-Crisis World" was organised by the Confederation of Indian Industry (CII) today.

In the last eight years, trade between India and Latin American countries have gone up by eight times to $16 billion in 2008 from $2.1 billion in 2000. 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 favourable mindset of Latin Americans towards India.

"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", said R Viswanathan, ambassador of India to Argentina, Uruguay and Paraguay.

Indian companies should formulate long term strategies based on the present and future potential of the region said Mr Viswanathan in his keynote address at the

He said that India's trade with Latin America has undergone a paradigm shift in this decade and is on a high growth trajectory.

Mr Viswanathan said 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.