Focus India-LAC - March 2018

The Washington DC based Inter-American Development Bank (IDB) released in January a new study, “Latindia: The Future of Cooperation between India and Latin America,” which covers issues such as export destination markets, strategic business areas, global value chains, productive synergies, and opportunities for market development between the two. The report estimates that trade between India and Latin America reached USD 30 billion in 2016 (from a peak of USD 45 billion in 2013), suggesting that there is great potential for economic ties to diversify and continue to grow in the medium term. It also estimates that 50,000 local workers are employed by the approximately 200 Indian companies that operate in the region. While the prescriptions are not new, it is notable that the institution, which published its earlier report in 2010: ‘India: Latin America-s next big thing?” has revisited the economic relationship. LAC’s share in India’s total trade still remains low at 4.6 percent but up from 1.7 percent in 2000. The complexion of the relationship has changed, with higher Indian investment concentrated on services and value-added products like chemicals and pharma, unlike the Chinese which is mainly in natural resources.



March 6, 2018

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About the Author

Ambassador Deepak Bhojwani

Former Ambassador of India to Colombia, Venezuela and Cuba and Distinguished Fellow, Ananta Centre

Ambassador Deepak Bhojwani joined the Indian Foreign Service (IFS) in 1978. He retired in February 2012. During his career, he was accredited as Ambassador in seven Latin American countries, resident in Colombia, Venezuela and Cuba, concurrent in Ecuador, Costa Rica, Cuba and the Dominican Republic, and was Consul General in Sao Paulo. He served abroad in three Continents – Asia (Indonesia and Malaysia), Europe (Spain and Czech Republic) and Latin America.

In the Ministry of External Affairs, he served in the Divisions dealing with Administration; West Asia and North Africa; US and Canada; and had a brief stint at the United Nations.

Ambassador Bhojwani also served as Private Secretary to the Prime Minister of India, Mr P.V.Narasimha Rao for two years from 1994 to 1996, and as Special Assistant to the Minister of State for External Affairs and for Science and Technology, Mr K.R.Narayanan, from 1985 till 1988.

He writes extensively on Latin America and its relations with India. He has written a book published in 2015 titled ‘Latin America, the Caribbean and India: Promise and Challenge’.

He is currently a Consultant for Latin America and the Caribbean through his firm LATINDIA (

Ambassador Bhojwani also serves as Independent Director on the Board of Bharat Petroleum Corporation Ltd., one of the largest state oil and gas companies of India.

Since January 2017 he has been Country Manager and Director, Magotteaux Industries Pvt. Ltd.

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