Rising trade and investment with Asia has helped increase exports from Latin America and the Caribbean and the region’s contribution to the growth of the world economy, said Luis Alberto Moreno, President of the Inter-American Development Bank (IDB), during his visit to India this week.
Higher incomes in Asia, particularly India and China, are opening opportunities for the region’s goods and services, especially high-quality ones: from natural and unique grass fed beef, renowned wines, and specialized coffees to the high-quality services of architects and engineers, Moreno said.
During this visit, Moreno called on both India and Latin America and the Caribbean to deepen their ties by lowering trade barriers and transport costs and investing on greater cooperation. Currently, India represents just 1 percent of this region’s overall trade, compared with China’s 10 percent share.
“India can provide many valuable lessons coming from successes in higher education, aerospace and microfinance, for example, while Latin America and the Caribbean can provide success stories in mining, agriculture, biofuels and poverty alleviation programs,’’ Moreno said. “The IDB is focused on building capabilities for this relationship to flourish. In the decade ahead, the deepening of this partnership will provide a vital contribution to the world economy.”
Moreno also participated in events to present the IDB book “India: Latin America’s Next Big Thing?” in both Delhi and Mumbai. The report looks into recent development and economic trends in India and their possible impact for Latin America and the Caribbean.