Development bankers of Latin America work with India on strengthening trade and investment relations
- Within the framework of ALIDE’s mission to India, organized together with Export-Import Bank of India, Latin American development bankers established working relations to strengthen trade and investment between the region and the Asian country.
- “The role played by development banks in the process of strengthening trade relations with India is remarkable and is based on the provision of a wide range of instruments”, stated the secretary general of ALIDE, Edgardo Alvarez.
October 25, 2018.- Trade relations between Latin America and the Caribbean and India have been consolidated in recent years, amounting to a total of US$35.600 million in 2017, which makes India a strategic partner for the region. The Asian country also ranks high among recipients of exports from countries such as Argentina, Chile, Brazil and Paraguay.
In this context of expansion of trade relations and within the framework of cooperation between ALIDE and the Export-Import Bank of India–Exim Bank, development bankers of the region participate from October 22 to 30 in the “Mission of Senior Executives from Development Banks of Latin America and the Caribbean to Exim Bank in Mumbai and New Delhi, India”.
“The role played by development banks in this process of strengthening trade relations is remarkable and is based on the provision of a wide range of instruments to support foreign trade and to secure trade operations (…) ALIDE’s mission to India represents an effort to deepen the work that is being conducted by the banks”, stated the secretary general of ALIDE, Edgardo Alvarez, within the framework of the mission.
Debasish Mallick, Deputy Managing Director of the Exim Bank of India, said, “In the last decade, India’s total trade with LAC has more than doubled to reach US$ 36 billion in 2017. In an era of growing challenges in the world economy, diversification of trade partners and access to new markets has become a priority for both the sides, with the LAC region clearly emerging as an important economic partner for India.”
Concurrently, the “Trade and Investment Opportunities in Latin American and Caribbean Region” seminar was held on October 25 in Mumbai, aimed at providing a venue for discussing India’s trade and investment potential in the region, featuring, to that effect, various stakeholders involved in the sector, such as promotion entities, businesses, exporters and development banks.
The mission also contemplated visits to institutions of the Indian development financing system, such as NABARD – National Bank for Agriculture and Rural Development, SIDBI – Small Industries Development Bank of India and NHB – National Housing Bank; select microfinance institutions, centers of excellence, and field visits to local projects and initiatives.
It should be noted that Exim Bank India joined ALIDE as a member in February 2017 with the aim of strengthening the relationship with the system of Development Banking in Latin America and the Caribbean, and favoring the expansion of trade activities between India and the region on double track.
About Exim Bank India
Export-Import Bank of India is the financial institution dedicated to promoting foreign trade and investments from India worldwide, working together with banks and multilateral and regional financial institutions. Currently, it is one of the main drivers in the growth of industries, SMEs and in the promotion of cross-border trade and investment. www.eximbankindia.in
ALIDE is the community of financial institutions that generates banking solutions for the development of Latin America and the Caribbean. The activities that it promotes and carries out seek the cohesion and strengthening of the action and participation of financial institutions in the economic and social development process in the region. ALIDE encourages regional integration and financial cooperation with other regions of the world to achieve the mobilization of resources and technology for the development of Latin America and the Caribbean.