Delegations from 11 countries of the Latin America and Caribbean (LAC) region will participate in the India-Latin America and Caribbean conclave on October 8-9.
The LAC conclave, organised in partnership with Ministry of Commerce and Industry and Ministry of External Affairs, would be addressed by the Vice-President of Costa Rica, Ana Helena Chacon Echeverria along with ministers and officials from the LAC region.
"India-LAC trade has multiplied by ten times in the last ten years and we believe that trade can go up from close to USD 50 billion to USD 350 billion in the next ten years.
"This edition of the India-LAC Conclave builds upon many areas of trade and investment opportunity identified in such previous conclaves," CII Director General Chandrajit Banerjee said.
The industry body has recommended that both sides explore trade diversification in engineering, automotives, pharmaceuticals, metals and other products.
The two sides can also leverage trade and economic cooperation agreements that they have entered into with third countries and regions, CII suggested.
India's aggregate trade with LAC region expanded from USD 5.2 billion in 2005 to USD 49.1 billion in 2014. The country's exports went up from USD 2.8 billion to USD 15.5 billion, a jump of more than five times, while imports from the region increased by 14 times to USD 33.6 billion.
Brazil and Mexico are India's largest export destinations in LAC. Crude oil accounts for 72 per cent of India's imports from the region, with Venezuela as India's largest import source.
