India seeks to invest in diverse sectors of Peruvian economy

Calcutta News.Net
Wednesday 8th September, 2010

India is keen to invest in Peru's hydrocarbon, mineral, pharmaceutical and agriculture sectors through joint ventures and deepen the economic engagement with the South American country.

According to the Minister of State for Commerce and Industry Jyotiraditya Scindia, Indian companies see good business opportunities in Peru in various sectors, including food processing, textiles, fertilizers, chemicals and information technology.

Given the complementarities in the growing economies of Peru and India, there is considerable scope for improving trade and investment between the two countries.

India could benefit from exporting manufactured goods to Peru and other countries in the region, said Scindia, who is leading a business delegation to South America, according to an official statement released here.

Indian exports to Peru in the first half of 2010 stands at $290 million, while Peru returned $73 million to India.

Zinc, cooper, silver, fishmeal, beans and sheep skins are Peru's most demanded products in India.

Meanwhile, thte Peruvian Andina news agency quoted Foreign Trade Minister Martin Perez as saying that he would lead a trade mission comprising around 100 enterprises next year to seek business deals in India.

Perez said he discussed with Scindia about the possibility of signing multiple agreements to which both countries have been working on for some years and a bilateral Free Trade Agreement (FTA).

India has expressed its intention to first end some bilateral agreements currently being negotiated, such as those on investment, double taxation and mutual legal assistance.

-- Indo-Asian News Service

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