New Delhi [India], August 3 : The economic relationship between India and Latin American countries is tremendous and is of primary importance for New Delhi, Mexico’s Ambassador to India, Federico Salas Lotfe said on Thursday.
Speaking toduring the 9th CII India - LAC Conclave today, the Mexican envoy said that Latin America gives a lot of importance to this event.
“It is a very important gathering. It is the ninth gathering. It is a very important opportunity for B2B meetings, business-to-government meetings…Latin America will give a lot of importance to this event. I am very happy that CII is putting it back, and I am sure that it will be very successful,” he said.
On being asked about External Affairs Minister S Jaishankar’s statement about India’s exports to Mexico being more than that to Canada, Lotfe said that the Latin American countries are of primary importance for India.
“I think he is right. The point he (Jaishankar) was trying to make is that the economic relationship between India and the Latin American countries in terms of trade, investment, and joint ventures is tremendous. This is something that is not recognised. And as Minister Jaishankar said that India’s exports to Mexico is greater than what the country has with Canada. So I think it is very relevant. The Latin American countries are of primary importance, economically speaking, but also in other areas, for India,” he added.
Earlier in the day, while addressing the CII India-LAC Conclave, Jaishankar highlighted that the bilateral trade between the two regions has surged to 50 billion USD during the financial year 2022-23, which is a testament to both, “the strength and the potential” of our economic partnership.
“It is worth noting that India’s exports to Brazil are worth 10 billion USD, which is twice what we export to Japan. Similarly, our exports to Mexico are in excess of 5 billion USD which is more than our exports to Canada. With the Dominican Republic, our exports were 329 million USD last year, and many Asian countries have still not reached that level,” Jaishankar added.
He said that the ties between India and Latin American and Caribbean region have moved on a new trajectory in the last nine years under Prime Minister Narendra Modi.
“Over the last nine years since PM Modi has been at the helm, our ties have moved on a new trajectory. India's relationship with the region is being nurtured across the full spectrum. Latin America and Caribbean regions have witnessed notable engagements with 34 high-level visits which include six visits each from the President and the Vice President and four from the Prime Minister,” Jaishankar said.
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