Speaking during the 5th Confederation of Indian Industry (CII) India-Latin America & Caribbean Conclave held in New Delhi this week, Fernando Gonzalez, president of the Commonwealth Roundtable in the Dominican Republic proposed that Indian businesspeople should see the Dominican Republic as their gateway into the Americas. He said historically, the Dominican Republic has been a launch pad for businesses seeking to penetrate the Latin American and Caribbean region (LAC).
Gonzalez said that the DR is a small country with a strategic geographic location. He said that the country is already India’s ninth biggest trading partner in Latin America. Gonzalez went on to say that the Dominican Republic has been increasing exports of cigars, rum and several other products in recent years and that the DR imports pharmaceuticals, equipment, raw material and IT services from India. Gonzalez stressed that the DR is the leader in tourism in the Caribbean, receiving more than 4.5 million tourists a year.
At the event the DR was also represented by Antonio Isa Conde, advisor on development policies to the President, and the Dominican ambassador in India, Hans Dannenberg. Milton Morrison, vice president of the Association of Electricity Industries (ADIE) also attended.
Three hundred delegates from India and the Latin American and Caribbean countries were registered for the annual Conclave that is organized by India’s leading industrial association and the Indian government. Nearly 400 business-to-business meetings were held and projects worth US$35 billion were put on offer.
In the keynote address Salman Khurshid, Minister for External Affairs of the government of India, said that India and the Latin American and Caribbean countries could also promote cooperation in the area of schooling, covering vocational studies, community colleges, etc.
Khurshid urged both regions to improve the counselor services and issuance of visas. This will act as a key support for business partnerships and people-to-people contacts between the two regions. He observed that while India-LAC bilateral trade and investment flows have increased several-fold in the last 10 years, the true potential of bilateral economic exchanges have yet to be realized.