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As on : 20-Mar-2025

Economy - Reports
20-Mar-2025 11:49

Piyush Goyal highlights growing importance of India's economic engagement with Latin American and Caribbean region

Union Minister of Commerce & Industry, Piyush Goyal has highlighted that there remains significant untapped potential for economic and trade expansion between India-Latin America & Caribbean nations. Goyal made these comments while addressing the 10th CII India-LAC Conclave, emphasizing the growing importance of India’s economic engagement with the Latin American and Caribbean (LAC) region. He noted that the India-LAC partnership is not just about business but also about cultural exchanges, shared traditions, and a collective commitment to preserving heritage. He noted that the passion for festivals, sporting spirit, and rich histories of both regions provide a strong foundation for enhanced economic collaboration. He underscored that the conclave serves as an excellent platform for fostering enduring economic ties and deeper people-to-people connections between the two regions. He called for ambitious targets, aiming to double trade volumes in the next five years by focusing on sectors such as engineering, healthcare, renewable energy, critical minerals, tourism, agriculture, gems and jewelry, and digital services.

Goyal outlined several key areas for deeper cooperation, including trade expansion through preferential trade agreements with MERCOSUR and bilateral agreements where necessary. He emphasized the need for collaboration in renewable energy, highlighting the LAC region’s vast lithium reserves and proposing joint ventures in lithium processing, battery manufacturing, and electric mobility. He also pointed to India-Brazil cooperation in biofuels and the potential for ethanol-powered vehicles. Agriculture and food security were also identified as crucial areas of partnership, with India and the LAC region complementing each other’s needs through investments in climate-resilient agriculture, post-harvest storage, cold chain logistics, and value-added food processing.

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