India to open logistics hub in Panama: EAM

Trade between India and Latin America is approaching US$ 50 billion

April 26, 2023

India plans to strengthen bilateral ties with Panama in the areas of trade and investment

Panama discussed the possibility of forming an alliance with the Indian pharmaceutical industry

Panama has emerged as a major logistics hub in Latin America

Recent policy reforms in India have led to record exports

In his recent visit to Latin America, Indian External Affairs Minister S Jaishankar revealed that India is considering the prospect of opening a logistics hub in Panama for Indian firms. He emphasized that trade between India and Latin America is growing and is approaching US$ 50 billion.

Panama has emerged as a major logistics hub in Latin America, and Mencomo saw her meeting with Jaishankar as an opportunity to reinforce their shared values and further the bilateral relationship.

The minister also held discussions with his Panamanian counterpart, Janaina Tewaney Mencomo, on strengthening bilateral ties, particularly in the areas of trade and investment. They explored the challenges of affordable health and the decentralization of medicine production, as well as opportunities in energy and renewables.

Jaishankar also met President Nito Cortizo to discuss the possibility of forming an alliance with the Indian pharmaceutical industry to produce high-quality, effective, and affordable medicine for Panamanians. Additionally, they discussed the commercial exchange between the two countries, as well as opportunities for cooperation and the development of a centre for technological excellence and innovation.

Jaishankar underscored India’s growing presence across the world, driven by a transformation in manufacturing, infrastructure, innovation, and start-up culture. He also highlighted India’s role as the “Pharmacy of the World,” having provided vaccines to 100 countries and medicine to 150.

The minister noted the recent reforms in India’s manufacturing sector (for example the launch Product Linked Incentive schemes) have led to record exports, while also highlighting the attractiveness of the Latin American market for Indian products, which are a natural fit for the middle class.

Jaishankar’s upcoming trip to Colombia will involve a review of the two countries’ bilateral relations. 

Jaishankar is currently visiting Guyana, Panama, Colombia, and the Dominican Republic for nine days. This marks his initial official trip to these countries in Latin America and the Caribbean region.

Source: Times of India

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