Bengal can play a role in strengthening India’s economic relationship with the Latin American and Carribean (LAC) region that had hit a peak in 2012-13 but declined subsequently.
Data from the Union commerce and industry ministry show total trade had hit $41 billion in 2012-13 but had been on the decline till 2016-17. In 2017-18, there had been a growth of 19.63 per cent but it was still below the peak level.
State finance and industries minister Amit Mitra, who met ambassadors from 18 different countries from the LAC region, on Thursday said there was scope for state-to-state relationship and urged the representatives to participate in the state’s flagship investment seminar — Bengal Global Business Summit — next year.
“There is a need to further diplomatic relationships and trade which in the last few years has slowed down. India needs to build a sustained long term relation with Latin American nations. We need to identify our core competencies and enter into more preferential trade agreements,” Mitra said on the sidelines of a summit organised by the Indian Chamber of Commerce .
The countries participating in the summit were Venezuela, Brazil, Paraguay, Cuba, Colombia, Mexico, Guatemala, Trinidad & Tobago, Guyana, Ecuador, Argentina, Panama, Dominican Republic, El Salvador, Peru, Suriname, Bolivia and Uruguay.
Areas of scope
“There has never been an instance where 18 ambassadors from Latin American countries have come to Bengal. Leather, textiles, manufacturing, information technology are areas where there is a scope of relationship with these countries not only for trade but bilateral investment,” said Mitra.
“I have invited them to the Bengal Global Business Summit. I am hopeful many will participate. We can decide which sectors can emerge as the focus sectors and where there is common core competency. I am optimistic that Bengal can build a relationship,” he said, adding there was scope for state-to-state partnership.
Bengal chief minister Mamata Banerjee had recently visited Germany and Italy in a bid to attract investors to the state.
“The LAC countries are actively working to increase its trade flows to India and we want to explore new areas of investment in Bengal and eastern India,” said Augusto Montiel, co-ordinator of GRULAC & ambassador of Venezuela.
