LATAM countries woo Indian investors

Bangalore, Sep 29: Chile Ambassador in India Jorge Heine today wooed Indian investors, especially in the mining sector, to his country.

Speaking at a seminar on Latin American countries, organised by the Engineering Export Promotion Council here, he said exports from India had risen five times in the last five years and imports from Chile three times during the period.

He said Chile had the potential for investment and foreign investment was expected to touch US Dollar 13 billion by 2012 from the present seven billion Dollar.

Mr Alonso De Gortari, Director General, International Economic Promotion, Ministry of Foreign Affairs, Mexico, said his country was the fifth largest supplier of cars to the US and there was good opportunity for investment in car manufacturing and IT. Mexico was in the process of signing Protection of Investment Agreement with India.

Ms Maria Gabriella Bonetti, Minister-Counsellor (Economic and Commercial), Embassy of Dominican Republic, said her country had vast scope for investment in tourism and mining.

Mr R Viswanathan, Joint Secretary and Head, Latin American and Caribbean Division, External Affairs Ministry, in his keynote address, said success of Indian trade with Latin American countries during the last ten years was mainly due to advances made in the pharmaceutical and IT sectors.

''The political situation in Latin American countries has also changed, with youth entering politics and wanting to improve economic ties with India as there is more similarity in the cost factor. Latin American countries cannot import their needs from America due to huge cost, but from India it can as it will be cheaper and the living condition of people is also similar,'' he added.

UNI