Indian Commerce Minister To Visit Uruguay & Argentina.

A top level Indian business delegation headed by Minister of state for Commerce and Industry Jyotiraditya Scindia will visit Argentina and Uruguay next month to boost ties with Latin Mercosur bloc countries.

The Indo-Asian news agency said Scindia will be the keynote speaker at two business seminars here on May 2 and Buenos Aires, Argentina on May 3. Both events are being organised by the Indian embassy.

Official sources said 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 US$700 million in South America.

In Uruguay, Scindia will also meet with Foreign Minister Luis Almagro. His engagements include a visit to a warehouse here which is planned to be used as a model 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 a business visit to India.

At both seminars, Export Import Bank of India will make presentations on 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, sources said.

He will later visit Argentina where he will jointly inaugurate a new plant of Indian pharmaceutical company Glenmark along with Argentine Industry Minister Debora Giorgi. The US$20 million plant will be the global centre of Glenmark's production of oncology products.

Bilateral trade volume with India stood at US$2.5 billion. There are 14 Indian companies operating in Argentina with a total of staff of 7000 people, the Indo-Asian news agency said.

Source : bernama.com.my