India, Latin America hold a business conclave to boost trade

The Dollar Business Bureau 

India and Latin America organised a business networking seminar on Thursday in Mumbai in order to boost trade and investment between the two regions. 

The International Conclave on India-Latin America & Caribbean Partnership: Opportunities to Promote Trade and Investment was jointly organised by the Group of Latin America and Caribbean countries (GRULAC) in India, the All India Association of Industries (AIAI) and World Trade Centre Mumbai. 

The conclave, which was organised for the first time in the commercial hub of Mumbai, was attended by nearly 40 Heads of Missions, overseas experts, investment and trade promotion agencies from LAC, and senior government officials from India and LAC. 

Trade between India and LAC is expected to reach $100 billion from the current $46 billion in next 5 years, with improved air connectivity, direct shipping and favourable trade agreements. 

The objective of the conclave was to provide a platform for the Indian business community to enhance business engagement and explore trade and investment opportunities in the LAC region, as well as address factors which will help shape the future of India-LAC bilateral trade relations. 

In addition to the plenary sessions, several B2B meetings were held with the private sector to further strengthen commercial relations with the GRULAC, in traditional sectors – pharmaceuticals, agri-business, automobile, mining and natural resources, as well as new-age sectors including e-commerce, entertainment and jewellery.