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Nicaragua keen on improving trade ties with India

Written by: Staff

Bangalore, Apr 18 (UNI) With stabilised democracy and open economy, the Central American country, Nicaragua, is looking for technology to boost its agricultural and industrial output, its Development, Industry and Trade Minister Alejandro Arguello informed today.

Addressing a meeting of enterpreneurs, organised by the Bangalore Chamber of Industries and Commerce (BCIC) here, Mr Arguello, who was leading a first-ever trade delegation to India, said located near the United States, the largest global market for goods and services, his country offered a strategic trade platform for other countries in the region.

He said the mission of the first-ever Nicaraguan trade delegation to India was to know each other and strengthen ties between the two countries.

Stating that his country was looking outside to grow and prosper, Mr Arguello said Nicaragua had signed a free trade agreement with the US, facilitating 100 per cent duty free export of industrial goods and 90 per cent duty free agricultural products. Negotiations were also on with the European Union to sign a similar agreement.

Complimenting India for emerging a strong economic power in the world, he said Nicaragua wanted to emulate India and follow the 'India Model' to boost its economy.

He said Nicaragua offered better trade fortunes in the areas of textile, agriculture, industry and food processing and only need to import the technical know-how and other related technology to make its best utilisation of resources to boost economic growth.

Mr Arguello said while his country imported goods worth about 20 million USD from India, its export was just 70,000 USD to the country. It could be doubled and enhanced further in the near future by knowing each other better.

Stating that some of the Indian enterpreneurs had stressed the need for having a trade agreement to guarantee protection to Capital investment and double taxation option, he assured that he would discuss the matter with his government and sort it out.


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