India’s oil imports from Latin America increased from 4.5% in 2003 to 11% in 2012-13. This marks a diversification in India’s energy policy. With Latin America’s surplus energy production and discoveries in off-shore oil fields, India must further consolidate its oil trade with the region
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According to the UN Economic Commission for Latin America and the Caribbean, the Latin American region is expected to grow at 3% in 2013. Although the growth appears modest, it is not bad given the GDP contraction in the Eurozone in the past two years and the lower growth rates in the rest of the world
Ambassador Viswanathan, an expert on Latin America, blogs about the Venezuelan elections, which saw a high turnout, free and fair elections, and Hugo Chavez re-elected as President. It is evident though, that Chavez’s model has reached its peak and is steadily and irreversibly losing appeal in the region.
As India looks to diversify its sources for energy imports and grapples with food security issues, it is looking more towards Latin America. Gateway House interviews Ambassador Deepak Bhojwani to discuss India’s prospects with this increasingly significant region.
CELAC (Community of Latin American and Caribbean States) chose India as its first dialogue partner, expressing its intent to expand trade and diversify. Given the increased political will from both sides, can CELAC be the driver for India-Latin America relations or will bilateral ties maintain the status quo?
India seems to be treading down the path of fruitless populism that crippled many countries in the past, most notably in Latin America. But like Latin America, India too can embark on a course-correction by implementing pragmatic economic policies alongside progressive but results-driven social spending.
The past decade has seen a significant rise in trade and investment flows between India and the Latin American and Caribbean (LAC) region. With an international system in flux, it is time for India and LAC to work together to shape a global order that better reflects current economic realities.
Gateway House prepared a Global Stability Map, using 20 differing indicators, to analyze the stability of 60 countries around the world. Using criteria that are important to the emerging economies of the world, the map provides an Indian perspective of the world today.
Although India’s trade with Latin America has increased considerably, there is still much potential to be exploited. India’s should adopt an aggressive market oriented strategy by identifying local partners wherever possible to enable Indian companies to penetrate the region.
Latin America is witnessing an exponential rise in regional integration of business houses. The resource-rich nature of most Latin American economies has led to an inward concentration of investment, which makes it an extremely interesting prospect for Indian investors.