Latin America Offering Huge Business Opportunities To Indian Smes

In a bid to encourage Indian SMEs aggressively explore the enormous opportunities present in the Latin American countries, the Engineering Export Promotion Council (EEPC) has recently organised a seminar titled ˜Latin American Countries: and Investment Opportunities'.

"The seminar will definitely make Indian SMEs aware of the various evolving markets in Latin America, thereby expanding cross-border business opportunities," says Krishnendu Ghosh, an attendee and proprietor of Energy Plus, a mid-sized engineering firm in Kolkata.

Seminar insights

The seminar was attended by six Latin American diplomats and a diplomat from the Republic of Trinidad and Tobago, a country in southern Caribbean. According to them, two major bureaucratic hurdles”processing visas and money transfer regulations”were restricting bilateral trade with India from growing by leaps and bounds.

Delay in issuing visa to Latin American businessmen is a major stumbling block for importing goods and services from India. Besides, the obligation to sign several documents as required by the Reserve Bank of India (RBI) also complicates the money transfer process from India.

However, the situation is much more simplified for Indian businessmen in the Latin American region as virtually no such barriers exist there. Moreover, recently the Argentinean government has decided to issue 5-year, multiple-entry visas to any Indian businessmen free of cost. "This will undoubtedly draw more small business enterprises from India to foray into Argentina," says Nilanjan Pathak, director of Neelhard Corporation, a small-sized IT firm in Kolkata.

Furthermore, they observed that tremendous growth opportunities exist in Latin America for Indian SMEs in sectors such as IT, infrastructure and manufacturing.