Aggarwal urges Indian exporters to expand in the Caribbean region
Trinidad and Tobago and the Dominican Republic are offering the Indian Industry a direct market access to South, Central and North America while looking at India for business with optimism and confidence, as well as underlining the need to work closely in a targeted manner to foster economic relations.
David E. Puig Buchel, Ambassador, Embassy of the Dominican Republic and Dr. Roger Gopaul, High Commissioner, High Commission of the Republic of Trinidad & Tobago, made the offer during an interactive session organized by PHD Chamber of Commerce and Industry (PHDCCI) on 23 June 2021.
There is a need to diversify exports to India and identify partners for cigars, rum, cocoa beans and others, Amb. Buchel said during the session on “Global Trade and Investment Opportunities for Indian Industry in Caribbean Islands: Trinidad & Tobago and Dominican Republic”.
The Dominican Republic would like Indian companies to participate in public tenders for electric generation, new infrastructure projects while Indian companies can invest in the Dominican Republic in the future, he said.
Dr. Roger Gopaul, High Commissioner of the Republic of Trinidad & Tobago, apprised about the relations shared between the two nations, highlighted the need to change strategy of doing trade, business and partnerships in the current changing times.
Sekou Alleyne, President, InvestTT, listed out opportunities in Trinidad & Tobago in sector such as electricity intense manufacturing, logistics, maritime services and BPO.
Pramilla Ramdahani, Vice President, Investments, InvestTT called for Indian participation in Ship Layup and Offshore Transshipment as well as Voice Contact Centre.
Biviana Riveiro Disla, Executive Director, ProDominicana, shared business opportunities available in the Dominican Republic’s economic sectors such as energy, tourism, agriculture, commerce, mining, pharmaceuticals, public-private partnership, and many more.
Listing investment opportunities, Marcial Smester, Investment Director, ProDominicana, highlighted that the Dominican Republic is the best option for logistic distribution centers in the Caribbean region and captures nearly half of the foreign direct investment made in the Caribbean by sectors such as commerce, tourism, real estate, mining, energy, free zone, finance, telecommunication and transport for general benefits for promotion and protection.
He also outlined strategic sectors such as renewable energy, tourism, film industry, free trade zone, real estate to optimize the attraction of investment and improve export presence in the international markets.
PHDCCI President Sanjay Aggarwal pointed out that India has witnessed a considerable change in the outbound investment. While the pandemic has disrupted the flow of business and investment, India shares a cordial relationship with Trinidad & Tobago and the Dominican Republic, he noted.
He also discussed the relationship shared between India and Caribbean Islands, its trade agreements and growth prospects.
Acknowledging that Trinidad and Tobago provide good opportunities for Indian exporters to expand in the Caribbean region and beyond, Aggarwal said, “There is potential from India to access growth in the areas of textiles, pharmaceuticals, energy, machinery, petrochemicals, agriculture, ITC, and many more.
Highlighting that India was one of the top destinations of Dominican export, he emphasized that it is an opportune time for Indian businesses to engage and work in deeper corporation with the counterparts of both nations. Both nations can look at investing in sectors like land, infrastructure, education, skill development, tourism and health.
Jagmohan Mongia, Chair, International Affairs Committee for Americas, PHDCCI, urged Indian companies to explore opportunities in the Dominican Republic, considering geographic, demographic, economic, and industrial development plan.
Saurabh Sanyal, Secretary General, PHDCCI, also called on Indian businessmen to engage and work out deeper cooperation with both the nations for attracting inbound investments.
PHDCCI, Sanyal said, would like to enter into an agreement (MoU) with InvestTT and ProDominicana under the patronage of High Commission of Republic of T&T and Embassy of Dominican Republic for facilitating the industry members from both regions and India to enhance the trade. #exports #investment #technology #manufacturing #infrastructure #trade #economy /fiinews.com
