A top level Indian business delegation headed by Minister of state for Commerce and Industry Jyotiraditya Scindia is travelling to Argentina and Uruguay to boost ties with Mercosur, according to the Indo-Asian news agency.
Minister Scindia will be the keynote speaker at two business seminars at Montevideo, Uruguay on May 2 and Buenos Aires, Argentina on May 3. Both of them are being organized by the Indian embassy.
According to officials, the minister will be accompanied by a 20-member business delegation, led by CEO of United Phosphorus Limited, Jai Shroff, whose company has invested over 700 million US dollars in South America.
In Uruguay, Scindia will meet with Foreign Minister Luis Almagro. His engagements include a visit to a warehouse in Montevideo, which is planned to be used a nodal centre for storage and distribution of Indian goods in Latin America.
The Uruguayan business seminar will be addressed by the Uruguayan Vice President Danilo Astori and Industry Minister Roberto Kreimerman, who recently spent a week on an official business visit to India.
At both seminars, Export Import Bank of India will make presentations about the Lines of Credit being offered for trade, investment and joint ventures with Mercosur member countries.
The major Indian concerns in Uruguay are Tata Consultancy Services and Geodesic, which employ nearly 1000 staff.
The minister will next visit Argentina where he will jointly inaugurate a new plant of Indian pharmaceutical company Glenmark along with Argentine Industry Minister Debora Giorgi. The 20 million US dollar plant will be the global centre of Glenmark’s production of oncology products.
Bilateral trade volume in 2010 stood at 2.5 billion US dollars. There are 14 Indian companies operating in Argentina with a total of staff of 7000 people, points out the report from the Indo-Asian news agency.