Indian and Latin American exporters are finding new markets to offset weaker growth in developed countries.
BY CHRONICLE STAFF
A week ago, Tata Consultancy Services opened a new Global Delivery Center in Buenos Aires, Argentina - the first company to officially inaugurate its facilities in the new Technology District of the City of Buenos Aires. Next month, a group of 50 Argentine businessmen are expected to accompany the President of Argentina during her visit to India.
Meanwhile, Mexican cinema chain Cinépolis will invest in south India for setting up multiplexes across the four states. This will make India the country with their largest market outside Mexico. These developments come as India has announced plans to open new trade centers in Argentina, Brazil and Chile.
“The global crisis and the consequent local resource and credit crunch have made Latin American importers look more towards less expensive sources such as India,” says R. Viswanathan, India’s ambassador to Argentina, Uruguay and Paraguay and India’s top expert on Latin America. “The crisis has opened a new window of opportunity for Indian companies to acquire assets and farmland in the region since the prices are lower at this time.”
Last year, Indian trade with Latin America jumped by 45.5 percent to $16 billion. That compares with ...
Keywords: Argentina, automotive, Brazil, Chile, Colombia, IT, pharmaceuticals, TCS, Venezuela