Kolkata: Indo-Brazilian trade is slated to reach US$15 billion by 2015. Brazil seeks India's cooperation in renewable energy resources, particularly bio-fuel. This was stated by Carlos Duarte, Ambassador Extraordinary and Plenipotentiary, Embassy of the Federative Republic of Brazil.
He was speaking at an interactive meet in the city on Friday, featuring nine Ambassadors of the Latin American and Caribbean region. The conference was staged by the Indian Chamber of Commerce on Friday.
Duarte mentioned that Brazil sports sustainable employment generation, creating 1.9 million jobs in 2011, greater access to education and lower income inequality. Brazil's international reserves stood at US$351.9 billion in 2011, marking its rising fiscal consolidation and lower public debt.
Juan Fernando Cordero Arias, Ambassador Extraordinary and Plenipotentiary, Embassy of the Republic of Costa Rica, highlighted that Costa Rica provides free and compulsory primary education to its population and possesses a supportive intellectual property regime in line with WIPO (World Intellectual Property Organisation), for facilitating international trade.
It is amongst the top five global outsourcing nations in the association of Latin American countries, with 40% of the total exports related to the global value chain, and 86% of the exports being conducted with countries with bilateral FTAs. In 2010 FDI comprised 4.1% of the country's GDP.
Javier Manual Paulinich Velarde, GRULAC (Group of Latin America and Caribbean Countries) Co-ordinator & Peruvian Ambassador in India extolled India as the most favourable investment destination globally and called for increased Indian investment in IT, services and technology. Peru offers free capital transfer for foreign companies and freedom to own national stocks.
Others participating in the meet include Genaro Vicente Pappalardo Ayala Praguayan Ambassador, Chile envoy Cristian Barros Melet, Cesar Ferrer, Uruguay Ambassador, Juan Larrea Charge d'Affaires, Embassy of the Ecuador, Ruben I. Zamora, Ambassador of El Salvador and Julio De la Guardia A., Ambassador from Panama.
The envoys invited businessmen of West Bengal to engage in trade and investment in Latam countries.
The principle sectors of Indo-LAC business cooperation emerging from the discussion were listed as pharma, cotton textiles and yarn, IT & ITes, mining, oil and gas, automotive components, mineral extraction, life sciences, advanced manufacturing, agro industries, chemicals, timber, gourmet services, oil, engineering, polyester, fishery, forestry and tourism.