LAC Partnership Holds Potential for Economic Expansion: Goyal
ECONOMY & POLICY

LAC Partnership Holds Potential for Economic Expansion: Goyal

Union Minister of Commerce & Industry, Piyush Goyal highlighted thatthere remains significant untapped potential for economic and trade expansion. Goyal, addressed the 10th CII India-LAC Conclave at New Delhi, emphasising the growing importance of India’s economic engagement with the Latin American and Caribbean (LAC) region.

He said, the India-LAC partnership is not just about business but also about cultural exchanges, shared traditions, and a collective commitment to preserving heritage. He noted that the passion for festivals, sporting spirit, and rich histories of both regions provide a strong foundation for enhanced economic collaboration. He underscored that the conclave serves as an excellent platform for fostering enduring economic ties and deeper people-to-people connections between the two regions.

He called for ambitious targets, aiming to double trade volumes in the next five years by focusing on sectors such as engineering, healthcare, renewable energy, critical minerals, tourism, agriculture, gems and jewelry, and digital services.

Goyal outlined several key areas for deeper cooperation, including trade expansion through preferential trade agreements with MERCOSUR and bilateral agreements where necessary. He emphasized the need for collaboration in renewable energy, highlighting the LAC region’s vast lithium reserves and proposing joint ventures in lithium processing, battery manufacturing, and electric mobility. He also pointed to India-Brazil cooperation in biofuels and the potential for ethanol-powered vehicles. Agriculture and food security were also identified as crucial areas of partnership, with India and the LAC region complementing each other’s needs through investments in climate-resilient agriculture, post-harvest storage, cold chain logistics, and value-added food processing. Additionally, Shri Goyal stressed the importance of improving trade infrastructure through enhanced shipping routes, direct air connectivity, and digitalizing customs procedures to streamline market access. He called for expanding sectoral engagement beyond traditional industries, urging collaboration in pharmaceuticals, artificial intelligence, digital public infrastructure, and high-end manufacturing.

Goyal acknowledged the global economic slowdown and supply chain disruptions but emphasized that India remains committed to strengthening economic ties with the LAC region. He urged governments, businesses, and institutions to seize emerging opportunities and move beyond incremental progress toward transformative growth.

In conclusion, Goyal reaffirmed India's commitment to fostering a dynamic and mutually beneficial partnership with the LAC region, built on trust, cooperation, and shared prosperity.

Union Minister of Commerce & Industry, Piyush Goyal highlighted thatthere remains significant untapped potential for economic and trade expansion. Goyal, addressed the 10th CII India-LAC Conclave at New Delhi, emphasising the growing importance of India’s economic engagement with the Latin American and Caribbean (LAC) region. He said, the India-LAC partnership is not just about business but also about cultural exchanges, shared traditions, and a collective commitment to preserving heritage. He noted that the passion for festivals, sporting spirit, and rich histories of both regions provide a strong foundation for enhanced economic collaboration. He underscored that the conclave serves as an excellent platform for fostering enduring economic ties and deeper people-to-people connections between the two regions. He called for ambitious targets, aiming to double trade volumes in the next five years by focusing on sectors such as engineering, healthcare, renewable energy, critical minerals, tourism, agriculture, gems and jewelry, and digital services. Goyal outlined several key areas for deeper cooperation, including trade expansion through preferential trade agreements with MERCOSUR and bilateral agreements where necessary. He emphasized the need for collaboration in renewable energy, highlighting the LAC region’s vast lithium reserves and proposing joint ventures in lithium processing, battery manufacturing, and electric mobility. He also pointed to India-Brazil cooperation in biofuels and the potential for ethanol-powered vehicles. Agriculture and food security were also identified as crucial areas of partnership, with India and the LAC region complementing each other’s needs through investments in climate-resilient agriculture, post-harvest storage, cold chain logistics, and value-added food processing. Additionally, Shri Goyal stressed the importance of improving trade infrastructure through enhanced shipping routes, direct air connectivity, and digitalizing customs procedures to streamline market access. He called for expanding sectoral engagement beyond traditional industries, urging collaboration in pharmaceuticals, artificial intelligence, digital public infrastructure, and high-end manufacturing. Goyal acknowledged the global economic slowdown and supply chain disruptions but emphasized that India remains committed to strengthening economic ties with the LAC region. He urged governments, businesses, and institutions to seize emerging opportunities and move beyond incremental progress toward transformative growth. In conclusion, Goyal reaffirmed India's commitment to fostering a dynamic and mutually beneficial partnership with the LAC region, built on trust, cooperation, and shared prosperity.

Next Story
Infrastructure Energy

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Next Story
Infrastructure Energy

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

Next Story
Infrastructure Energy

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?