India should look to diversify its geographical reach and export product portfolio in LAC, he said, adding that its true potential is yet to be unleashed as most of Indian exports land in Brazil while markets of Mexico, Argentina, Peru, Chile and Uruguay are not being targeted enough.
Besides geographical diversification, India should broaden LAC export basket to include more products, the minister added.
As of now majority of Indian exports to LAC include light engineering, pharmaceuticals and mineral products.
Besides noting that biofuels, agro-processed products among others can be exported to the region, the minister also spoke about the potential of India-LAC cooperation in tourism, which will not only improve economy but also facilitate cultural exchange and understanding.
He ended his address stating that India-LAC co-operation is achievbale due to the compatibility on cultural front as well as the fact that Indian technology and Latin American natural and social capital make a great fit.
Ms Liliana Perez, Secretary General, Ministry of Foreign Affairs, Republic of Colombia, and Mr Shubhendu Amitabh, Co-Chairman, CII LAC Committee and Senior President, The Aditya Birla Group were among the others who spoke at the conclave.