Indian investment in mining, agriculture, tourism, and fishing is invited by the ambassador.
“Peru and India share rich history, cultural heritage and diverse natural resources and there is enormous potential to develop a strong and lasting bilateral relationship. Peru has one of the oldest civilisations in the Americas corresponding to the Harappan civilization in India and both countries share the common vision of ’Progress and Sustainability’.Peru has a stable macroeconomic condition, open trading system, stable policy ®gulation and transparent legal system. Peru can be the gateway for Indian companies to the world market as it has signed 22 free trade agreements with preferential market access to 46 countries. We are proposing a free trade agreement with India and seven rounds of negotiations are over. At an interactive meeting hosted by the All India Association of Industries (AIAI) and World Trade Centre Mumbai at WTC Mumbai, H.E. Mr. Javier Manuel Paulinich Velarde, Ambassador of the Republic of Peru, stated, “We hope to conclude the negotiation soon to promote trade and investment between both countries.”
The ambassador encouraged Indian investment in Peru’s main industries, which include mining, agriculture, tourism, and fisheries. In addition to having a variety of agroclimatic conditions, he stated that Peru is the world’s top exporter of citrus fruits like mandarins, blueberries, quinoa, grapes, avocados, bananas, almonds, and mangoes. Additionally, Peru is a major exporter of fish oil and fish meal, which are vital aquaculture materials. The nation’s 3,000 kilometres of shoreline is home to a variety of animals. Gold, silver, copper, zinc, lithium, molybdenum, and other minerals are abundant in Peru’s mining reserves. India is our second-largest export market for gold. We encourage Indian businesses to make investments in mining and exploration.
“Peru has an award-winning culinary tradition,” the Ambassador said, referring to the cultural and tourist industries. Gastronomy has the power to bridge cultural divides. One of the seven wonders of the world, Machu Picchu in Peru, is the first tourist attraction to get the Green Initiative’s carbon neutral certification.
In his remarks, Mr. Roy Postigo, Trade Specialist, Promperu India explained the ease of doing business in Peru. Peru is well situated in the centre of South America, he stated. I invite Indian companies to invest in Peru as it is easy to open an office or establish a company in our country. Peru offers equal treatment for local and foreign investors, there is no restriction on repatriating profits abroad, we safeguard private property rights, and our currency is stable. Food processing, renewable energy, tourism, and textiles are the four main areas targeted for luring in foreign investment. Since we encourage travel between the two nations, tourism is a key area of attention for India-Peru ties.
According to Mr. Postigo, Peru has built the largest port in Western South America, Chancay Port, which will shorten the time it takes for freight to travel from the country to Asian nations. The industrial park close to this port region is open to Indian investors.
Mr. Postigo added, “I anticipate that commerce between India and Peru will reach USD 5 billion this year, driven mostly by a robust increase in Peruvian exports of gold and other minerals. We can improve two-way commerce in manufactured products, mining, and agriculture. The climate and geography of Peru are varied. ideal for growing 4,000 different types of potatoes, mangoes, cacao, and other fruits and vegetables. In addition to exporting avocados, quinoa, and blueberries to India, Peru also intends to sell frozen berries. Given its abundance of animals, the biggest population of camels in South America, and its status as the birthplace of the Amazon River, Peru offers enormous potential for tourism.
“Peru has a conducive legal and regulatory system for doing business in Latin America,” said Dr. Vijay Kalantri, President of the All India Association of Industries (AIAI) and Chairman of WTC Mumbai, in his remarks on the occasion. Today, commerce between India and Peru hardly amounts to USD 4 billion. By choosing priority areas and exchanging trade, we should try to treble this commerce over the following three years. delegates and holding more events to promote trade. WTC Mumbai and AIAI are planning to organize India-Latin America Economic Conclave next year to strengthen economic and cultural relations with Latin American countries. The earlier edition of the Conclave received encouraging response from 17 Ambassadors and Consular Corps of various Latin American countries.”
Dr. Kalantri recommended that Peru take into account India as a dependable supplier of imports for a variety of manufacturing and agricultural products, such as chemicals, medicines, and engineering. Additionally, he suggested using local currency for commercial settlements, strengthening interpersonal relationships, and advancing travel and cross-cultural interactions.
Earlier in his welcome address, Capt. Somes Batra, Vice Chairman, WTC Mumbai pointed out, “WTC Mumbai assures all possible support to deepen India’s trade and investment with Peru. Peru is an amazing country of contrast with plains on the Pacific coast, Andean mountain, rainforest, diverse climatic condition and rich natural resources. The nation boasts the biggest deposits of gold, silver, and other natural resources, and its economy is among the fastest-growing in South America. India will soon conclude a free trade agreement with Peru, which already has deals with a number of other nations.
Capt. Batra recommended fostering cultural links, particularly by promoting travel and filming in one another’s nations. Given that Peru had one of the largest deposits of gold and silver, he also alluded to the enormous potential for cooperation in the gem and jewellery industry.
Members of commerce and industry, consular corps, consulting firms, financial institutions, and corporate experts attended the event.
H.E. Dr. Vijay Kalantri, President of the All India Association of Industries (AIAI), congratulates Mr. Javier Manuel Paulinich Velarde, Ambassador of the Republic of Peru (4th from left) (3rd from left). Also seen in the photograph are: (from left to right) Ms. Rupa Naik, Executive Director, WTC Mumbai, Mr. Roy Postigo, Trade Specialist, Promperu India, Capt. Somesh Batra, Vice Chairman, WTC Mumbai and Ms. Aakruti Bagwe, Director- Operations, WTC Mumbai H.E. Mr. Javier Manuel Paulinich Velarde, Ambassador of the Republic of Peru, is greeted by Dr. Vijay Kalantri, President of the All India Association of Industries (AIAI) (2nd from left). The picture also includes (from left to right) Capt. Somesh Batra, Vice Chairman, WTC Mumbai, and Mr. Roy Postigo, Trade Specialist, Promperu India.