In a bid to strengthen bilateral ties and explore collaborative opportunities between India and countries in the Americas, the PHD Chamber of Commerce and Industry (PHDCCI) hosted the India-Americas Day on the third day as part of its 2nd International Week on March 13th at PHD House, Delhi.
The event, held under the theme "India Americas Cooperation – A Resilient Paradigm," saw significant participation from diplomatic representatives, industry leaders, and stakeholders from both regions. Discussions centered on various sectors and aspects of cooperation, highlighting the potential for mutually beneficial partnerships.
Mr. Hemant Jain, Senior Vice President, PHDCCI, expressed how despite the gloomy times of COVID-19, the Indian economy was the only one that experienced growth. Therefore, PHDCCI is seeking partnerships to sustain this growth and explore collaborative opportunities with various large companies. Further discussing the collaboration between the US and India, he stressed the shared values and democratic principles between the two countries suggesting that this partnership opens up numerous opportunities beyond politics.
As India's workforce is substantial and encompasses skilled individuals across various sectors, and not limited to doctors and engineers, he also pointed out that India, with its large workforce and skilled people, can be an alternative to China.
Dr.Ranjeet Mehta, Executive Director, PHDCCI, informed about PHDCCI's agenda for the next year during this International Week and invited ambassadors to observe and explore sectors they wish to engage with. He further encouraged Diplomats to send delegates from their countries to India to explore business opportunities. Emphasizing the advantage of PHDCCI, with 70 percent of its members being MSMEs, he highlighted its role as a hotbed for startups, stating that the organization is actively supporting them. Sectors such as infrastructure, and agriculture, among others, were identified as focus areas for collaboration with the ambassadors' countries.
H.E. Mr. Eric M. Garcetti, Ambassador of the United States of America to India speaking at the event discussed the dynamics between both countries. He said both countries share the same ideology that freedom matters, whether in the marketplace or people's lives, his idea of democracy is to build society from the bottom up, where citizens prosper. Last year, the USA was India's number one trading partner, with over $200 million between the two nations. We are the two largest democracies in the world and last year, the largest Indian delegation ever invested in the USA, with over 250,000 Indian students visiting, he added.
Further, Mr. Eric spoke on the 4 Ps: Peace, Prosperity, Planet, and People. For Peace, he discussed how military exercises between the two countries are becoming more regular for better security in the region. For Prosperity, he mentioned trade and technology collaborations, especially in critical emerging technologies like Qualcomm, space, and climate technology, and how both countries can extend such benefits through collaboration with smaller nations. For Planet, he emphasized helping green energies, reducing carbon emissions, and potential collaboration on this. He also discussed how the US can help India be a part of the largest climate legislation.
Furthermore, he mentioned people initiatives like the Yes Girl program of the USA for India. In conclusion, he quoted India's External Minister Jaishankar, stating, "This is not the peak of the relationship, it is the floor," emphasizing the foundation upon which future collaborations will be built.
H.E. Dr. Roger Gopaul, High Commissioner of the Republic of Trinidad & Tobago to India, highlighted the cultural ties between India and Trinidad. He explained that Trinidad and Tobago, with a population of 1.4 million people and a GDP of 24.27 billion USD, provides high-quality labor at lower costs. He informed that Hindi is taught up to the primary level, and English serves as the primary language, facilitating communication, and the exchange rate is 10 Indian rupees to 1 Trinidad dollar, with a stable currency.
He elaborated on how the Commonwealth of Nations recognizes Trinidad and Tobago's vibrant manufacturing sector, contributing 19% to GDP, fueled by a thriving petrochemical industry and a dynamic free-trade zone, distinguishing it as the most active in the Caribbean.
Additionally, he mentioned a MoU signed between India and Trinidad and Tobago on sharing the INDIA STACK for digital platforms, ICT capacity building, training programs, exchange of experts, and development of solutions.
H.E. Mr. Suresh Reddy, Ambassador of India to Brazil in his video message highlighted the significant increase in trade between India and Brazil, surpassing 50 billion USD. He emphasized the presence of 25,000 to 30,000 IT professionals in the region, contributing to high-value employment. Mr. Reddy noted the rapid growth of Indian consumers and their eagerness to explore new products, such as fruits, fashion, and wine, which presents export opportunities. He also mentioned the potential for Indian services to be exported to the region.
Furthermore, Mr. Reddy discussed plans to establish an EXIM Bank by possibly May, aimed at supporting industry growth in the region. He mentioned various potential areas of engagement, including aviation travel, tourism opportunities, utilizing Indian film industry locations, and hosting high-value business events, and emphasized the importance of becoming valuable resources and partners for the growth of both countries. Further, he expressed optimism about the sector's potential for further growth and encouraged participation from the region in India's expanding consumer market.
H.E. Mr. Omar Solares, Ambassador of the Republic of Guatemala to India, discussed the bilateral relations between Guatemala and India, particularly focusing on business prospects. He highlighted Guatemala's stable economic situation. Over the past four years, Guatemala has experienced notable GDP growth and is actively pursuing a FTA with India. Additionally, there are opportunities for collaboration in sectors such as pharmaceuticals, medical, BPOs, and software development, he added.
Moreover, he emphasized Guatemala's resilience and determination, despite facing challenges and described Guatemala as an ideal investment destination with a diverse economy and a robust industrial sector. Guatemala boasts of being the largest economy in the region, with many products manufactured locally. Furthermore, Guatemala has become a top destination for outsourcing services activities, with the government offering incentives to attract more investments and improve the ease of doing business. The country is investing in infrastructure to become an intermodal logistic platform with competitive energy costs and preferential access to various markets, offering political and macroeconomic stability.
H.E. Mr. Alberto Antonio GuaniAmarilla, Ambassador of Uruguay to India highlighted the increasing interdependence and confidence in the shifting structure of the international system. He noted the rise of new governments in India and key Latin American countries, has fostered and intensified relations between India and these nations.
He further informed, us how despite the physical distances, India exports more to Brazil and Guatemala than to nearby countries like Cambodia, Japan, or Thailand. Similarly, Latin American countries export more to India than to traditional partners like Spain, Germany, France, or Italy. The two regions possess complementary economies and strategic resources that could enhance trade and investment ties to mutual benefit.
During the event, a memorandum of understanding (MoU) was signed between PHDCCI and the Indo-Brazilian Chamber of Commerce and Industry (IBCCI), signaling a commitment to strengthen bilateral economic relations between India and Brazil.
Overall, the event served as a platform for meaningful discussions and partnerships aimed at enhancing economic cooperation and mutual benefit between India and countries in the Americas, paving the way for a resilient paradigm of collaboration in the years to come.
The Event was sponsored by Arise IIP Africa, Foundation of Healthcare and Wellness Promotion, India, Stone Roads International, E Pack Durables, Apeejay Education and Apeejay School International as Strategic Sponsors, Silver Arrows as Luxury Partner, Reliance Retail as Associate Partner and Filatex as Co-Sponsor and was supported by PHDCCI annual sponsors, DLF Ltd; Jindal Steel & Power; KLJ Group; Multani Pharmaceuticals Ltd; Marble City; MMG Group; RadicoKhaitan Ltd; Uflex Ltd; Vestige; Eazy ERP Technologies; JK Tyre & Industries Ltd; Sagar Group of Industries; Superior Industries Limited; Samsung India Electronics; OswalGreentech; ApeejayStya Group; Blossom Kochhar Beauty Products Pvt Ltd; DCM Shriram; R E Rogers; Trident Group; Ajit Industries Pvt Ltd; Bhagwati Plastic and Pipes Industries; Central Coalfields Ltd; DD Pharmaceutical Ltd.; Hindware Sanitary; Jindal Steel; Modern Automobiles; P S BEDI & Co. (PR)