Foreign diplomats see good in India's growth

{image-india gdp_28012008.jpg news.oneindia.in}Kolkata, Jan 28: India's increasing integration into the world economy and an average of 9 per cent growth in the last three years boost up the Latin American businesses, foreign diplomats opined. This was observed here today by the Ambassadors of the Group of Latin American and Caribbean Countries (GRULAC) during an interaction with members of the Bharat Chamber of Commerce. Despite the trade balance being in favour of LAC nations, the Latin American market holds considerable promise for Indian goods, services and possibilities for joint ventures, they maintained.

The diplomats said the Preferential Trade Agreement, signed between India and Mercosur, would go a long way in bringing industries of GRULAC and India closer. India's exports to GRULAC was to the tune of 4.3 billion USD in 2006-07, growth of nearly 43 per cent over 2005-06. Imports from GRULAC to India have increased by 129 per cent from 2.6 billion USD in 2005-06 to 6.12 billion USD in 2006-07.

The West Bengal government yesterday sought GRULAC investments in the state's petroleum, power, infrastructure, automobiles and IT sectors urging them to take advantage of the Centre's 'Focus Lac' policy.

UNI