Business proposals worth $10.39 billion (Rs. 46,755 crore) will be discussed at a conclave of Indian and Latin American and Caribbean (LAC) firms in New Delhi later this week, the Confederation of Indian Industry (CII) said on Tuesday.
"Project proposals worth $10.39 billion will be discussed during the conclave across a wide cross-section of business sectors, including agriculture and food processing, machinery, sugar production, ethanol, contract farming, floriculture, textiles," said the industry lobby, which is organising the 4th India-Latin America and Caribbean Conclave April 29 and 30.
Delegates from 13 Latin American and Caribbean (LAC) countries, including Argentina, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Mexico, Peru, Trinidad and Tobago, and Uruguay, will take part in the meet.
Collectively, the LAC region is a huge market. Trade between India and the LAC region has risen almost four-fold from $ 4.2 billion in 2004-05 to $ 16.1 billion in 2008-09.
"Indian businesses are also looking at larger footprints in specific regional blocs spread across the South American continent and the Caribbean region on the basis of the success achieved by these trade blocs in promoting trade among the member countries," said a CII statement.