The Hindu Business Line : ‘Latin America vital for food, energy security’

Hyderabad, Sept. 30 Latin America is important for India not just as just a trade partner but also in terms of ensuring food and energy security, said Mr Hardeep Singh Puri, Secretary (Economic Relations), Union Ministry of External Affairs.

“If you look at the hard economic facts, then we are looking at land scarcity in the medium term and water scarcity problem in the short run. This provides immense interaction with Latin American countries,” he said, while addressing a seminar organised by CII here on Tuesday.

BIZ AVENUES

He added that Indian companies have been looking at the possibility of acquiring agriculture land for farming in many countries in the region like Argentina and Paraguay. “Also Indian companies have earmarked funds for acquiring sugarcane and ethanol facilities in Brazil and many are exploring joint ventures in many other countries,” he said.

“In the mining sector, there are several companies exploring possibilities for phosphate mining in Argentina, then there are discussions going on for possible mining ventures in Brazil, Bolivia Chile, Peru and Caribbean,” Mr Puri said.

CONNECTIVITY

He also felt that the argument that connectivity is an issue which acts as a dampener is also not justified. “If India can do $42 billion trade with the US, then why can’t we do more trade with Latin America? Brazil also does $34 billion trade with China, then why can’t it do the same with India? The lack of connectivity is just an excuse cited, when we do not know how to put the other pieces of the puzzle in,” he said.

Mr Peter T. Hassan, Advisor, Industries Department, Government of Andhra Pradesh, said facilitation of visas especially for businessmen required to be simplified further and it will act as a major inventive for developing economic ties.

More Stories on : Foreign Trade | Andhra Pradesh

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page