New Delhi [India], May 4 : The flourishing relationship between India and countries of Latin America has become a critical element of India's foreign policy.
The relationship's primary aims include enhancing India's energy security, broadening economic opportunities, fostering diaspora ties, promoting regional cooperation and deepening people-to-people contact.
Latin America is home to several oil-rich nations, such as Trinidad and Tobago, Guyana and India is seeking to diversify its sources of oil and gas. Given the current geopolitical climate and the associated risks, these nations provide an attractive alternative for India to diversify its energy portfolio.
India is also exploring the possibility of investing in the renewable energy sector in the region, seeking to capitalize on the vast potential for growth in the area of energy security.
In terms of economic opportunities, the prospects for cooperation between Latin America and India are promising. The Caribbean region, with a population of over 40 million, is a rapidly growing market where India is seeking to expand its trade and investment, especially in sectors such as tourism, pharmaceuticals, and infrastructure.
A joint business council's establishment to promote trade and investment is also under consideration.
Countries such as Trinidad and Tobago, Guyana, and Suriname, have a substantial Indian diaspora with strong historical and cultural ties to India, which India seeks to engage more closely.
India's engagement with regional orgzations such as the Caribbean Community (CARICOM) and the Association of Caribbean States (ACS) is also a key component of its outreach to these countries. These orgzations provide a platform for India to engage on a wide range of issues, including climate change, security, and regional integration.
External Affairs Minister (EAM) S Jaishankar's recent visit to four countries in the region, Guyana, Panama, Colombia, and the Dominican Republic, was of utmost significance, particularly as it was the first visit to these countries by an Indian Foreign Minister.
The visit emphasizes the strategic importance of these nations in India's foreign policy goals and highlights the range of issues discussed, including mining, energy, climate change, and trade.
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