Latin America can be a major business hub for India with concerted efforts: External Affairs Minister S. Jaishankar

S. Jaishankar, the minister of external affairs, has emphasised how crucial it is for India to establish itself as a major commercial centre in the wide region of Latin America.

External Affairs Minister S Jaishankar (File Image)

External Affairs Minister S Jaishankar has emphasised the importance of making Latin America a major business hub for India by having more engagements, contacts and meetings with the stakeholders in the vast region.

Jaishankar is on a six-day official visit to Brazil, Paraguay and Argentina. This is his first-ever official visit to South America. India and Brazil are not only partners but can share best practices for their mutual growth and progress, Jaishankar has said as he interacted with prominent businessmen here on Tuesday.

"Visited Federation of Industries of the State of Sao Paulo, the largest Industry association of Brazil. Presentations from WEG, @embraer and UNICA reaffirmed the significant opportunities exist for greater business cooperation," he tweeted.India & Brazil are not only partners but can share best practices for their mutual growth & progress," he wrote.

"Visited Fiesp (Federation of Industries of the State of Sao Paulo), the biggest industry association of Latin America. Presentations from WEG, Embraer and UNICA reaffirmed the significant opportunities that exist for greater business cooperation. Business is the ballast that provides steady sailing for relationships," he said in another tweet. "Last year, our collective trade with Latin America was a little bit less than USD 50 billion. I do think that if there is greater focus, more push, engagements, contacts, more meetings like this, I think, it is very much possible that we could make Latin America also for India a very big business hub," he said at the FIESP.

"Whether it is power transmission, IT, pharmaceuticals, agrochemicals, automobiles, two-wheelers. We have today good Indian companies present in Brazil. Our challenge from the Indian end is to grow, deepen that footprint and encourage other sectors and companies to come," he said. Jaishankar also had an interaction at the LIDE, an association of entrepreneurs of Brazil.