On August 3, 2023, in New Delhi, the 9th CII India-LAC Conclave 2023 was inaugurated by India’s External Affairs Minister, S. Jaishankar, together with Mr. R Dinesh, President of CII, and Mr. Chandrajit Banerjee, Director General of CII.
Minister S. Jaishankar emphasised on the increased focus and commitment to India-LAC engagements and interactions. He discussed India’s growing interest in fostering deeper engagement with the LAC region, as well as the reciprocating interest from the LAC countries in building stronger ties with India.
He conveyed to the delegates that the bilateral trade between India and Latin America and the Caribbean (LAC) countries witnessed a substantial surge, reaching 50 billion dollars in the Fiscal Year 2022-23.
The Minister emphasised that key areas of cooperation between India and the LAC region lie in sectors such as Agriculture, Energy, Information Technology, Pharmaceuticals, Manufacturing, and Automobiles.
He outlined four essential pillars that will form the foundation of the future India-LAC partnership: supply chain diversification, resource partnerships, sharing developmental partnerships and addressing global challenges.
During his address, Dr. Jaishankar provided detailed insights into India’s trade with the region. He mentioned that India’s exports to Brazil reached 10 billion dollars, exports to Mexico surpassed five billion dollars, and exports to the Dominican Republic amounted to 329 million dollars last year. Additionally, the Minister highlighted the significance of high-level visits, revealing that over the past nine years, there have been a total of 34 such visits between India and LAC countries.
Furthermore, he placed strong emphasis on broadening the scope of developmental partnerships, foreseeing a positive impact on the region.
The Minister expressed his unwavering confidence in the Conclave, stating that it would further propel the growing intensity of cooperation between the involved parties.
During the Conclave, various sessions were conducted, each dedicated to exploring the potential opportunities in sectors like healthcare and pharmaceuticals, electrical and automotive industries, IT and electronics, infrastructure and energy, agriculture and food processing, among others.
Delegates from 15 Latin American and Caribbean countries graced the conclave with their presence.
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