Thu. Jul 18th, 2024

Latin America poised for Economic diplomacy with India. Head of MEA Secretariat in South India D Venkatachalalam Murugan IFS ,with Dr. Senorita Issac and other diplomats in Chennai along with Latin American delegation.

New Delhi (India), March 4: The Latin American Caribbean Federation of India (LACFI) organized the Latin American Conference, which was attended by the Business community in South India.  The President of the Indian Economic Trade Organization Dr. Asif Iqbal welcomed the Ambassador of Cuba in India HE Alejandro Simancas Marin and pledged the commitment of support between the two nations for a robust partnership. 

On the occasion Dr. Senorita Issac was appointed as the Trade Commissioner –western India region.

There is a huge interest in India for Cuba, a country with great scope for bilateral trading opportunities in Pharma, Medicines, IT development and Industrial development by Indian companies. The Delegation from India headed by the then president Shri Ramnath Kovind has evinced a lot of interest between the two nations. The event was also graced by the officials of the Embassy of Congo in Delhi.

The event was attended by the Head of Secretariat of the Ministry of External Affairs, Mr. Venkatachalam Murugan IFS who also spoke about accelerating India’s relationship with the Latin American region and welcomed Dr. Senorita to pledge support for the various other island nations around the Caribbean region. India has also in the past extended various credit lines to Cuba through the Exim Bank, a line of credit of USD 75 million (over Rs 500 crore) to Cuba for financing solar parks. An agreement was signed between Export-Import Bank of India (Exim Bank) and Banco Exterior De Cuba in July 2020.   India was amongst the first countries to extend recognition to Cuba after the 1959 Revolution.

Ambassador of Cuba said Indo Cuban trade relations were essential and it was gratifying to see the development of trade relations between India and Cuba.

The Latin American Caribbean Federation of India (LACFI) is working on building bilateral trade relations by assisting Indian companies that are looking at various projects coming up in the Latin American region for promoting growth in commerce and trade, especially in Indian Pharma which is likely to increase as the Cuban market expands.

The delegation of the Latin American Caribbean Federation of India is taking a delegation to Cuba and other parts of South America during 2023 to strengthen mechanisms created for enabling these trade opportunities between India and the Latin American region.

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