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GST woos Peruvian bilateral investment to India

‘Introduction of GST will lure foreign investors like us to invest in India which offers huge opportunities to foreign companies and investors’, said Mr Clever Pantoja, Country Head, AJ Group India, at a seminar organized jointly by All India Association of Industries and World Trade Centre Mumbai in association with the Ministry of Foreign Trade and Tourism Peru at WTC Mumbai, says a release on 1st Dec. Mr. Pantoja, the producer of ‘Big Cola’—a carbonated caffeine-free soft drink further added that already have a presence in India and with innovative product, range, competition and pricing, it’s a great opportunity for doing business in India, and many others from Peru and Latin American countries will take up the existing opportunities to invest in India and do business.

Peru is the 3rd largest country in Latin America with the fastest growing GDP. With rapidly rising economy, it is becoming one of the most important markets for investments in Latin America. It is an attractive business destination for Indian companies in manufacturing, hydrocarbon, mining, agri and agro-processing sectors with low custom tariffs and open investment regime. It is one of very few countries in the world with positive trade balance”, said Mr. Luis Cabello, Commercial Counsellor from Embassy of Peru in India at an interactive programme on ‘Business opportunities in Peru’. Mr Cabello further added that in Sept 2016, Peru and India concluded the joint feasibility study for an agreement in trade of goods, services, investments and cooperation. Peru and India shall sign the trade agreement soon.

IG International is one of the largest importers of Peruvian fresh fruits in India. Mr Tarun Arora, CEO, IG International said, “With changes in consumer patterns, and growth of organized retail, India is expected to import nearly 60,000 kg avocadoes next year”. Similarly, Supreme Enterprises is the largest importer of Peruvian Quinoa.  Mr Kanish Gupta, Owner, Supreme Enterprises said that similar to India, agriculture is one of the most important sectors of Peruvian economy. In 2016, it is adjudged as the ‘Best International destination for Super foods’. Peru has been distinguished as the world’s Best Culinary Destination’ for last 5 years in the World Travel Awards. It has large varieties of fruits and vegetables. This includes nearly 4000 varieties of potatoes, many varieties of quinoa, grapes, avocadoes, mangoes, blueberries, corn, citrus, fruits, lentils, sea food, etc.

India receives Peruvian organic mangoes around Oct-Nov every year. There is tremendous potential for importing super natural foods such as avocadoes, quinoa, blueberries from Peru, Mr Gupta added. Mr Gupta commented, “With nearly 400 mn middle class consumers in India coupled with upward mobile lifestyle and awareness of healthy food is helping to make quinoa a popular super food.” He further added that his company is planning to introduce snack items using Peruvian quinoa to Indian market.

Earlier, Mr Vijay Kalantri, President, All India Association of Industries and Vice Chairman, World Trade Centre Mumbai in his welcome address, said, “India and Latin America are two complementary economies. India is one of the biggest importers of oil and gas from Latin America and is one of the largest exporters of steel, automobile, IT and Pharma products. The bilateral trade is expected to grow multifold. This will help to bring in prosperity with high employment and exports.”

Mr. Kalantri further added that distance is no more a disadvantage between India and Latin America. With improved infrastructure, Indian businesses have huge potential to expand their operations in Latin American countries.  Mr Y R Warerkar, ED, WTC thanked the dignitaries and mentioned about the vast potential of trade cooperation between India and Latin America.

 


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