Ambassadors from Latin America talk to Forbes India
The ambassadors of Peru, Columbia and Chile tell us about integrating their markets and where India features on their map.
January 18, 2011 / 12:09 IST
By: Cuckoo Paul/ Forbes India
The ambassadors of Peru, Columbia and Chile tell us about integrating their markets and where India features on their map.
Peru, Colombia and Chile have, for long, lived in the shadow of Brazil.
The economies of these three Latin American countries, however, have had a great run in recent years, with each country taking steps towards pro-market and pro-business reforms. The most important of these has been integrating their stock markets. They are on schedule to open up borders to free movement of goods and people, even as they struggle with unemployment, trafficking of narcotics and economic inequality.
The three nations are rich in minerals and depend a lot on commodity exports. Many Indian companies have found them to be attractive bases to serve larger North American markets.
Ambassadors Javier Paulinich of Peru, Juan Alfredo Pinto of Colombia and Cristian Barros of Chile were in Mumbai to get Indian investors interested in the Integrated Latin American market, known by its Spanish acronym Mila. The integrated market combines 563 companies and is the second largest in the region after Brazil.
How important is India to your plans?
Cristian Barros (Chile): We are not very well known in this region and most people may not be able to point us out on a map. We are now acting like three countries, maybe with different approaches, but with one spirit. We are trying to open up a free trade agreement with India that will help enhance trade. Negotiations for this have just begun and we hope to conclude them this year.
Javier Paulinich (Peru): Mutual trade between India and Peru is close to $1billion. We are among the top 10 producers of most of the important minerals that India needs. We are clear about opening up the economy to overcome the poverty that many of our people live in. The steps that India takes by way of reforms will give us more opportunities for cooperation. The integration of the stock exchanges will allow more Indians to invest in the Latin American markets. India is turning into a big manufacturing country and we are large exporters of resources.
How has the relationship with Indian companies been so far?
Juan Alfredo Pinto (Colombia): It seems that real economic activity is growing faster than institutional processes in Colombia and India. Dozens of Indian companies such as ONGC Videsh, Hero Honda and IT firms are already present in Colombia. We have to ease the process so that others can follow. One big step forward is our line of questioning: From asking
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