The 10th CII India-LAC Conclave, held in New Delhi, marked a significant milestone in fostering deeper economic and strategic ties between India and the Latin American and Caribbean (LAC) region. The event brought together key stakeholders, policymakers, and business leaders to explore new avenues for collaboration and unlock the immense potential of this dynamic partnership.
A Growing Partnership: Building on Strong Foundations
India’s engagement with the LAC region has grown exponentially over the past decade. Reflecting on his recent visit to Uruguay, the Bahamas, Barbados, and Nicaragua, Shri Pabitra Margherita, Minister of State in the Ministry of External Affairs, highlighted the shared commitment of LAC nations to strengthening ties with India.
“We may be located far away from each other, but we are much closer when it comes to trade and commerce,” he remarked, emphasising the growing economic and cultural proximity between the two regions.
Under the visionary leadership of Prime Minister Narendra Modi, India’s outreach to the LAC region has gained unprecedented momentum. The frequency of high-level political, business, and cultural exchanges underscores the mutual desire to enhance cooperation. Recently, External Affairs Minister Dr. S. Jaishankar hosted foreign ministers from Panama, Brazil, Chile, Argentina, Saint Kitts and Nevis, and other LAC nations, reaffirming India’s commitment to expanding its footprint in the region.
Expanding Bilateral Trade and Economic Cooperation
The economic partnership between India and the LAC region holds immense potential. While bilateral trade currently stands at less than $50 billion, both sides are determined to double this figure to $100 billion by 2028.
Highlighting the need for diversification, Shri Margherita stressed that India’s trade engagement with LAC should extend beyond the traditional sectors of energy and resources. He called for increased cooperation in healthcare, pharmaceuticals, automobiles, renewable energy, and sustainable infrastructure, identifying them as key areas for future growth.
“Resource partnerships will be crucial as India’s rapid economic growth increases its demand for energy, minerals, and agricultural products,” he stated, underscoring the importance of sustainable resource collaborations.
Leveraging Key Sectors for Mutual Growth
During his address, Shri Margherita also outlined seven key pillars of India- LAC cooperation aimed at fostering sustainable and inclusive growth: Capacity Building: Promoting skill development and knowledge exchange, Agriculture and Food Security, Renewable Energy and Climate Change, Innovation, Technology, and Trade: Boosting technological collaboration and trade linkages, Cricket and Culture, Ocean Economy and Maritime Security and Medicine and Healthcare.
“These seven pillars define the roadmap for deeper India-LAC cooperation and align with our vision of ‘Viksit Bharat’—a developed India by 2047,” he stated.
Enhancing Healthcare and Digital Connectivity
India’s commitment to healthcare cooperation with the LAC region was a central theme of Shri Margherita’s speech. During the COVID-19 pandemic, India demonstrated its solidarity by providing vaccines, medical equipment, and essential supplies to several LAC countries.
In recognition of India’s contributions, Barbados conferred the Order of Freedom on Prime Minister Narendra Modi. Shri Margherita, who accepted the award on behalf of the Prime Minister during his visit, expressed gratitude for the honour, highlighting it as a symbol of the deepening friendship between India and the LAC region.
Going forward, India is keen to establish Jan Aushadhi Kendras across LAC countries, offering affordable, high-quality medicines. Additionally, India aims to set up drug testing laboratories to promote pharmaceutical collaboration.
On the digital front, Shri Margherita highlighted India’s willingness to share its technological expertise, particularly in financial inclusion and digital payments. He proposed the adoption of India’s Unified Payments Interface (UPI) in LAC nations, noting its potential to transform financial ecosystems and boost financial inclusion.
Investing in Trade, Energy, and Infrastructure
India’s economic footprint in the LAC region is expanding. With over $15 billion of Indian investments in agriculture, energy, IT, pharmaceuticals, and manufacturing, the partnership is creating jobs and boosting growth across the region. Indian companies have already generated around 40,000 jobs in the LAC countries, demonstrating the tangible benefits of this collaboration.
The LAC region’s abundant natural resources, including lithium, copper, and gold, make it a valuable partner for India’s rapidly growing electric vehicle (EV) and renewable energy sectors. Shri Margherita emphasised the potential for joint ventures in mineral exploration, refining, and battery technology, which would be mutually beneficial.
Strengthening Cultural and People-to-People Ties
Cultural diplomacy is a key component of India- LAC relations, with shared interests in sports, music, and art fostering stronger bonds. Shri Margherita highlighted cricket and football as unifying passions and called for more cultural exchanges, joint festivals, and artistic collaborations to deepen people-to-people connections.
“We must synchronise our strengths to build a partnership that stands as a global model of South-South cooperation,” he stated, emphasizing the shared values and aspirations of the Global South.
A Roadmap for the Future
He praised the Confederation of Indian Industry (CII) for organising the conclave and acknowledged the Ministry of Commerce and Industry, led by Shri Piyush Goyal, for their support in advancing India-LAC trade and investment ties.
“Let us seize this moment to forge a new economic destiny—one defined by collaboration, resilience, and shared prosperity,” he concluded, urging stakeholders to capitalise on the opportunities presented by the India- LAC partnership.
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