During the CII India LAC Conclave, S. Jaishankar, the External Affairs Minister, emphasized the importance of diversifying supply chains and forming resource partnerships to strengthen the ties between India and Latin America. The pandemic has highlighted the need for dependable supply chains in crucial energy, food and consumer security sectors. Jaishankar stressed that there is a demand for sources and diversified production methods, which creates new avenues for collaboration between India and Latin America.
Given India’s growing prowess, there is an increase in demand for energy and resources. This presents an outlook for American countries as India imports crude oil and petroleum products worth approximately $7 billion from nations like Mexico and Colombia. This underscores the significance of resource partnerships between these regions. Moreover, Latin America is a source of gold, copper, mineral concentrates and wood. Contributing to the diversification of India’s resource imports while playing a role in strengthening the partnership between India and Latin America.
The third aspect of engagement focuses on exchanging experiences in development. As countries from the hemisphere, India and American nations can benefit from discussing digital capabilities, healthcare solutions, agricultural practices and infrastructure development. India’s Ministry of External Affairs is considering increased training programs and exchanges to promote market exposure and cooperation.
Addressing challenges is another element of this partnership. By collaborating on issues like climate change reforming systems and managing the concerns of developing countries, the bilateral ties between India and Latin America will be strengthened.
To conclude, the CII India LAC Conclave provides a platform for India and American countries to explore opportunities for collaboration in areas such as supply chain resilience, resource partnerships, sharing development experiences and tackling global challenges. This joint effort aims to enhance cooperation and foster mutual growth between these regions.