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Stronger ties with India

Friday, October 24, 2014

India is increasing its efforts to strengthen ties with Central American.

The most recent move involved a visit last week to New Delhi by Guatemala's Foreign Minister Carlos Raúl, to begin talks towards a free trade agreement.

Bilateral trade reached $260 million last year.

Guatemala could export products such as sugar, cardamom, wood and paper, while buying Indian machinery, vehicles and pharmaceuticals.

India has also shown interest in boosting trade with Costa Rica, citing the country's strategic location and skilled workforce among its attractive aspects.

Costa Rica is already home to five Indian technology firms such as UST Global and Infosys BPO.

Costa Rica-Indian trade last year was $132 million.

Meanwhile, Indian pharmaceutical company Hetero Drugs last week announced the expansion of its business in Mexico, with a planned investment of $50 million in a new plant.

For Hetero Drugs, Mexico represents a market of some $16 billion a year, according to the company's general director in Mexico, Adrián Ruíz.