India targeting LatAm through Jamaica

After firming up ties with major markets, fast-growing India is targeting the Latin American and Caribbean region for further growth and wants to use Jamaica as a hub for the expansion. That’s the word from Indian High Commissioner to Jamaica, Rungsung Masakui, as he presented a 70-member trade mission who are scouting Jamaica for willing partners to expand business and trade links in the region

Masakui said that, for some time, the focus of successive Indian governments has been the development of markets along regional lines with a concentration of efforts in large regions and continents.

He said that, as a consequence, most of India’s SME exports go to the United Statas, Europe and China, but that now it is time to refocus energies to the LatAm region.

“We have re-emphasised the need to develop the trade and business relationship (in such a way) that it includes trade going both ways,” the Indian high commissioner told The Gleaner on the sidelines of a meet-and-greet for the trade mission.

The 70-member mission has been making the rounds since their arrival this past Monday. The focus has been the development and strengthening of bilateral arrangements covering a wide cross-section of businesses and interests. Meetings were held with Commerce Minister Aubyn Hill, Agriculture Minister Floyd Green, representatives of JAMPRO, the Private Sector Organisation of Jamaica and the Jamaica Chamber of Commerce.

Presidential visit

Masakui noted that, over the last 60 years, there had been no high-level visits from India at the prime ministerial and presidential levels but that this changed since 2022 when the president of India visited Jamaica. He said the trade mission is a continuation of that engagement and represents a prelude to the ninth annual Conclave of Indian Industry, CII, where at least 300 businesses worldwide and about 150 from the LatAm region will participate. The Indian high commissioner says he expects the deliberate moves will lead to increased bilateral trade.

“When we talk about the Indian model of relationship, we always talk in terms of mutual benefit. We are not extractive because if there is no benefit for the other party and they are not happy, then there is no point; as much as we do business for ‘business reasons,” Masakui said.

He noted that India, with its 1.4 billion population, offers an open market that remains untapped in respect of goods and services that emanate from the region; while there can be deeper market penetration of the LatAm markets through partnerships that can be established with businesses in countries like Jamaica.

The trade mission is comprised of representatives from the health and wellness sectors, education, agriculture and agro-processing, technology, global business process outsourcing and film.

The Indian high commissioner said there are possibilities through partnerships with Jamaican operators that will allow for greater regional and global presence in the business areas being targeted.

The Indian trade mission leaves Montego Bay on Sunday after concluding a final round of consultations with business interests in western Jamaica through the Montego Bay Chamber of Commerce.

neville.graham@gleanerjm.com