NEW DELHI, 15 September 2021: LEADS is curated as a strategic platform for global leaders from Asia, Europe, Africa, CIS, Americas & the Pacific, to deliberate on the tenets of Leadership, economic Excellence and Adaptability to change and to build on pillars of Diversity and Sustainability.
Addressing the ‘LEADS 2021– LAC Session on Future of India-LAC Partnerships in Services’ organized by FICCI, Anurag Thakur, Minister of Information & Broadcasting and Youth Affairs and Sports, Govt of India, highlighted that historically India has a deep emotional and cultural connect with LAC region, over the years this connect has translated well into trade relation and brought the countries together on the path of our sustainable economic development. The bilateral trade between India and LAC region has increased by 5-fold and has touched USD 39 Billion approximately, he added.
Thakur further stated that traditionally India and Latin America have been seen areas of utilization of human capitalization and abundant natural resources. However, we emerged as a hub of service sector to the world. India has already established itself as a service sector specially providing highly professional IT and financial services. Similarly, services sector of Latin America has also seen growth in last one decade. We have a growing pool of technologists, innovators and entrepreneurs who are developing simple solutions for complex problems, he added.
“This commonality and relationship between our emerging markets can unlock new opportunities of Industrial prosperity and human development. The pandemic has highlighted the need of collaborative efforts in the services sector for transforming life. India provides the biggest digital infrastructure with more than billion users of e-services,” said Thakur.
Uday Shankar, President FICCI mentioned that India and the Latin American & Caribbean nations have remarkable similarities. Both India and Latin America are blessed with human capital, abundant natural resources, and a growing pool of technologists, innovators, and entrepreneurs, this relationship between our emerging markets can unlock new opportunities for industrial prosperity and human development. However, the pandemic has highlighted the need for more collaborative efforts in the services sector for transforming lives.
Shankar added that the Indian services sector is the fastest growing sector in the world contributing about 66 percent to the Indian GDP. We need to have a multi-pronged strategy to enhance our bilateral trade, both in merchandise and services. He also mentioned that driven by online channels, India’s media & entertainment (M&E) sector is expected to grow at a CAGR of more than 10% in the lead up to 2024, passing the $55 billion mark. We must work together to build on the synergies, noted Shankar.
Xavier Lopez Ancona, CEO, KidZania, Mexico said that KidZania aims to develop life skills and promotes values within children. He also talked about KidZania’s plan about its expansion in southern India with its new project.
Jackson Schneider, President & CEO, Embraer Defence & Security, Brazil highlighted that amongst LAC countries, Brazil has a lot in common with India, from demography to geography to cultural diversity to resources and even similar economic growth trajectory. He also mentioned that today’s time call for as much core indulgence as possible, where respective Indian and Brazilian industries in every sector, including the defense and security sector, should engage with each other both at individual levels and through respective governments.
Nestor Nocetti, Co-Founder, Globant, Argentina said that this is a right time to forge a partnership as LAC economies are moving beyond natural resources and working towards developing a tech-based ecosystem. He also said that India and LATAM has a lot of similarities like huge talent pool and high work ethics.
Dr Jorge Emilio Osorio Benitez, CEO and Founder, VaxThera- Colombia said that we have learnt a lot from the pandemic that we need to work together to fight new virus and diseases. He also said that Vaxthera sees India as a potential country partner to develop new vaccines.
Carlos Anderson, Managing Director, Europa Partners & & President, The Instituto del Futuro, Peru said that India and LATAM are required to sign more trade agreements to reduce trade barriers. India as a country should involve more in Pacific Alliance.
The session was concluded with the following key outcomes:
- Increase people- to- people linkages specially in youth, sports, media and entertainment, between India and LAC.
- India and Latin America must have Technology tie-ups to drive change in healthcare, banking & insurance, and financial services.
- Expansion of Trade agreements PTA/FTA’s to reduce the tariffs and non-tariff barriers.