India’s External Affairs Minister, S. Jaishankar, is currently on a nine-day trip to four Latin American countries – Guyana, Panama, Colombia, and the Dominican Republic – to explore ways of boosting India’s level of cooperation with the region. Speaking at the India-Colombia Business Forum in Bogota, Jaishankar highlighted that Indian companies are investing significantly in Latin America, particularly in energy, mining, agriculture, and automobiles. He also noted that Indian companies are executing infrastructure, power transmission, and mining projects in the region, and delivering products in the shipping and aviation domains.
Jaishankar stated that the purpose of his trip was to “highlight the growing presence of India in Latin America.” He pointed out that trade volumes between India and Latin America are approaching $50 billion annually, and said that even where trade is concerned, “the decision before us is when, where and how much to invest.” He noted that the pharmaceutical sector is particularly seized of this challenge.
In addition, Jaishankar highlighted the areas of potential engagement between India and Colombia, such as traditional medicine and wellness practices, and the digital domain, which has seen exceptional progress in India. He also noted that energy is an important domain of convergence, with significant investments in the oil sector by India and energy forming the core of Colombia’s exports to India. He said that India will be driving much of the additional demand in fossil fuel in the coming decades, and that India is also extremely active when it comes to renewables and electric mobility.
Jaishankar emphasized that the challenge before us today is to scale up what is already done, but at the same time, to look for new domains that meet emerging demands and equally factor in emerging capabilities. He concluded by saying that “businesses will go where it is welcome, where it is mutually beneficial, and where it is encouraged by policy.”
Jaishankar’s visit to Latin America highlights India’s growing interest in the region and its desire to explore opportunities for cooperation and partnership. By focusing on key areas of mutual interest such as energy, mining, and agriculture, India hopes to strengthen its economic ties with Latin America and build a more robust partnership for the future.