Bangalore: Indian Economic Trade Organization (IETO) opened the “Desk of the Ecuador Trade Office” in Bengaluru for building up for accelerating trade and business relations between both the countries.
The Indian Economic Trade Organization (IETO) in collaboration with the Latin American Caribbean Federation of India (LACFI) opened the Ecuador Trade Office in Bangalore which was inaugurated by the Ambassador of Ecuador to India, H.E. Mr. Hector Gonzalo Cueva Jacome along with the Dr. Shalini Rajneesh (IAS) Addl. Chief Secretary, Govt. of Karnataka, and Mr. H Basavarajendra (IAS) Commissioner, Govt. of Karnataka, and other important government officers, industrialists, and key personalities.
There is a huge interest in India as the Latin America is an emerging region having a great scope for multilateral as well as bilateral business opportunities. Latin American Caribbean Federation of India (LACFI) is on the way to opening Trade offices in Major Metro cities of India to facilitate Indian Businessmen wanting to do trade in LAC countries where Ecuador Trade Office will enforce strong business ties from South India to Ecuador. The office will work directly with the Ecuador Embassy in New Delhi and bring opportunities to places like Chennai, Bangalore and other cities of South India.
The Latin American Federation of India (LACFI) was inaugurated by the Joint Secretary LAC Division Ministry of External Affairs in 2016 in the presence of other top official and diplomats from the LAC region.
“Trade relations with Ecuador have huge potential. LAC region will be at the top of our priorities as per the Prime Minister’s Vision and MEA’s approach in bringing LAC closer, through the Federation we will continue to intensify and deepen our engagement with the LAC countries which will be sustained and regular. Our development partnerships will be guided by LAC region’s priorities and we will build as much local capacity and create as many local opportunities as possible. We will bring the South Indian market closer and make it easier and more attractive to trade with the Latin and Caribbean region. Ecuador has been our friendly partner for a long time “said the President of the Indian Economic Trade Organization (IETO) Dr. Asif Iqbal during the Inauguration.
“My goal is to build stronger bilateral relations and reach new heights between South Indian companies and Ecuador which is a huge market and also the aspect of bonding with Ecuador is to explore more for further enhancing the relations. We are initiating the India Latin American Arbitration Council that can support various companies between the two regions and build trust between businessmen” Said Mrs. Anuradha Pradeep who is appointed as the Trade Commissioner of Ecuador. Certificate of Appointment with Apostillation from the Ministry of External Affairs, Govt of India was presented during the Reception Ceremony in Bangalore.
A 35-member delegation from South India of the Latin American Caribbean Federation of India will visit Ecuador in the month of May 2021 and various opportunities in the Health sector, Skill development, Agriculture is expected to be signed with various companies and organizations in this region.
The following program are planned for the Ecuador activities:
1. To Establish the India LAC Film Commission for identifying opportunities in Film shootings for Bollywood and South India film Industry initiated by Mr. Sai Korrapati, a leading South Indian Film Producer who has made blockbusters like KGF and Bahubali.
2. Meetings to discuss the possible collaborations in the Healthcare sector and establishing the ‘Mahatma Gandhi Centre for wellness’ in Ecuador.
3. Launching the LAC Fashion week in the esteemed presence of the Spouse of the Ecuador Ambassador in India, Ms. Maria Victoria Cardenas Saldarriaga.
4. Launching of the India-Ecuador Arbitration Centre headed by Mrs. Anuradha Pradeep
“Ecuador’s relations with India date back several centuries and its relationship with India is directed by the historicity of their interactions – the century-old trade partnerships and socio-cultural linkages. We want to elevate our ties to the next level. We want to elevate our bilateral partnership; we can come to an agreement that we can elevate it to the level of strategic partnership. We want to have a dynamic and fruitful dialogue on bilateral and regional levels. Healthcare from India must enter
throughout the LAC region with Ecuador as the center. Indian Pharmaceutical & health technology is highly appreciated which should be our key target” said Ambassador of Ecuador to India, H.E. Mr. Hector Gonzalo Cueva Jacome
Mr. N S Venkatesh, IETO Director General, Development Partnerships Assistance added, “Ecuador has great opportunities, and we are going to explore this beautiful Latin American country with the top industries from South India. We have in close touch with the Ecuador Embassy and 2021 will be full of action.
While LACFI’s Official Spokesperson, Mr Mohit Srivastava, who is the IETO Director-International Co-operation, commenting on the international ties mentioned, “India and Ecuador have been in friendly relations since the beginning of their diplomatic relations. Bilateral trade with Ecuador has increased consistently over the past few years. Both the countries have signed the Protocol for Completion of the Joint Feasibility Study (JFS) in line with Indian government’s efforts to expand its trade presence in the region for a better Preferential Trade Agreement”.
The Offices will also be opened in Hyderabad, Chennai, Kochi and other parts of India to explore trade relations between the two countries.