VP Naidu’s Paraguay, Costa Rica trips boost LatAm ties

The state visit, spanning March 5-9, saw Vice President Shri M Venkaiah Naidu address the business communities in Paraguay and Costa Rica as well as the local Indian communities

March 10, 2019

The Latin America and the Caribbean (LAC) region, much like India, features fast-expanding markets and has become increasingly critical to global investment activities

As a growing number of countries in LAC region open up to foreign and private entities, India’s presence will offer lucrative opportunities from the region’s growth story

VP Naidu sad that there was immense scope for Indian companies to invest in Paraguay, especially in Automobile, Pharmaceuticals and Engineering Goods sectors

VP Naidu said that Costa Rica can benefit from India’s expertise in IT, biotechnology, Space, pharmaceuticals, hydroelectricity, power plant and railway construction

Vice President of India, Shri M Venkaiah Naidu, paid state visits to Paraguay over March 5-7 and Costa Rica over March 7-9. This was the first high-level visit from India to both the countries. VP Naidu was accompanied by a delegation, including the Junior Minister for Tourism, Shri Alphons Kannanthanam, Members of Parliament and senior Government officials. The Latin America and the Caribbean (LAC) region, much like India, features fast-expanding markets and has become increasingly critical to global investment activities. The more than US$12 trillion LAC economy has offered lucrative opportunities.

India’s import from Latin America during April to December 2017 was recorded at US$15.5 billion, while export was recorded at US$6.4 billion, up 24 per cent and 20 per cent, respectively. India has already had strong business ties with Brazil, Venezuela, Mexico, Chile and Colombia, among other regional nations. Herein, Strong India-LAC ties will help improve activities in energy, agriculture and infrastructure sectors, while boosting trade and investment. As a growing number of countries in LAC region open up to foreign and private entities, India’s presence will offer lucrative opportunities from the region’s growth story.

In Paraguay, VP Naidu met with President of Paraguay, Mario Abdo Benítez, along with Vice President, Hugo Velázquez, and the President of the National Congress (Senate), Silvio Ovelar. He also addressed the India-Paraguay business forum and interacted with the Indian diaspora in Paraguay. VP Naidu sad that there was immense scope for Indian companies to invest in Paraguay, especially in automobile, pharmaceuticals and engineering goods. Additionally, given its strengths in agriculture, Paraguay can become an important partner for India in agro products sourcing as well as food processing technology.

In Costa Rica, VP Naidu met the President of Costa Rica, Carlos Alvarado Quesada and held delegation level talks. He also met the President of the Congress of Costa Rica, Carolina Hidalgo Herrera. The Vice President addressed the business community of Costa Rica and also interacted with the Indian diaspora in Costa Rica. During the visit, VP Naidu highlighted India’s areas of strength that Costa Rica can benefit from, including IT, biotechnology, space technology, pharmaceuticals, hydroelectric generators, power plant equipments and railway construction, apart from capacity building in skill development.