By TIOL News Service

NEW DELHI, OCT 10, 2015: IN today's inter-connected world, geographical distances have ceased to be barriers to trade and investment flows. India and the LAC countries should look to enhance information and knowledge sharing to strengthen the bilateral and investment relations, a common message articulated by all the Ministers - Mr Rodrigo Vielman, Vice Minister of Foreign Relations, Government of Gautemala; Mr Francisco de Rosenzweig Mendildua, Vice Minister of External Trade, Ministry of Economy, Government of Mexico and Mr Orlando Solorzano Delgadillo, Minister of Development, Industry and Commerce, Government of Nicaragua, while speaking at the Valedictory Session of the two-day India-Latin America and Caribbean Conclave organised by Confederation of Indian Industry (CII) in New Delhi.

Mr Rodrigo Vielman, Vice Minister of Foreign Relations, Government of Gautemala urged Indian industry to pursue business opportunities in LAC markets. “LAC is a safe bet for Indian industry,” he said, adding that while accelerated bilateral trade and investment flows will have a cascading effect on connectivity between the two regions, bilateral tourism will help establish closer contacts between the Indian and LAC societies which again will have a huge positive impact on the bilateral partnerships.

Mr Vielman pointed out that while the LAC economies are welcoming to Indian products, services and companies, several LAC export products tend to run into high tariff barriers in India. He said that the disparity in tariffs should be addressed in right earnest.

Mr Vielman also called for greater exchanges between Indian and LAC academic institutions which will go a long way toward deepening the bilateral ties. Stating that India and LAC are committed to realise the United Nations Sustainability Goals that include elimination of poverty, he said that greater bilateral trade between the two regions will greatly contribute to the goal of addressing poverty issues too.

Mr Francisco de Rosenzweig Mendildua, Vice Minister of External Trade, Ministry of Economy, Government of Mexico said that India-LAC bilateral trade volumes will increase through trade diversification measures and production integration. With respect to India-Mexico business ties, he said that Mexico by virtue of trade pacts with different countries and regions in North America, LAC and Europe is an ideal export platform for Indian setting up manufacturing operations in the country.