NewsWhore
01-20-2011, 03:40 PM
The DR could become a testing ground for Indian investments in Latin America. Speakers at the Doing Business in India conference organized by the India Chamber of Commerce in the Dominican Republic stressed the synergies between India and the DR, despite the disparities in size, population and culture. The conference was held at CEI-RD yesterday to a full house of interested Dominican businesspeople.
Eulogio Santaella, the new president of the chamber of commerce, pointed out that while India's presence is still minimal in Latin America the country's spotlights are now on the region and challenged the DR to capitalize on this interest. He commented that while sugar cane came to the country from India, today we are exporting rum to India.
Fernando Gonzalez Nicolas, event organizer and Tata industries representative in the DR, said that the DR has to become the frontline for Indian investment in Latin America. He said the big opportunity is for the DR to become the testing ground for Indian investments on a smaller scale prior to penetrating the greater markets in Latin America.
Eddy Martinez of CEI-RD said that India's investment in Latin America is minimal today, but it is one area of major growth in future years. He said there was potential for increasing Dominican exports to India from US$10 million at present to US$500-US$1 billion especially through the establishment of joint ventures and partnerships with Indian companies.
Kai Shoenhals, president of the Association of Exporters of the DR, says this is already happening with a film industry alliance with the Vicini group under the brand Indomina (India and Dominicana), and an agreement with Tata regarding steel products. He said the DR needed to look at trading 25% with the US, 25% with Latin America, 25% with Europe and 25% with Asia, with India being the main ally.
Citing the vertiginous growth of India in the past 15 years, on average annual 9%, he believes that the potential for Indian business to invest in the DR is enormous, much greater than with China.
"We need to learn from the transformation processes in India," he stated, highlighting the fact that there is a research institute for all sectors in India and the DR.
Jose Torres of the Association of Dominican Free Zones described India as the big investment partner for the DR.
Salvador Demallistre, of the Association of Foreign Business, challenged the DR to take advantage of its geographical positioning and become a logistics center for trade and operations with India.
Norman de Castro, of the Pellerano & Herrera law firm, urged Dominicans to think out of the box and focus on south-south diplomatic, economic, social and commercial alliances, with a focus on India, Brazil and South Africa. He sees India as a nation that the DR should study to apply lessons learned here.
Indian ambassador to the Dominican Republic, Deepak Bhjowani announced that President Leonel Fernandez would be speaking at the Sustainable Development Summit in New Delhi on 3 February 2011, marking an important step forward in Dominican-Indian relations. Trade with India is currently at US$55 million in imports and US$9.5 million in exports. But he says the potential is there to bring trade up to US$500 million no later than 2015.
He said the dynamism of the Chamber reflects the business sector's interest in making this happen. He said he has the commitment from India's foreign relations ministry that he will be able to at least announce the opening of the Santo Domingo embassy before the end of his term in a year. Bhjowani is based in Havana, Cuba.
Areas of major growth are research, medical tourism, Indian tourism to the DR, farming as India has large extensions of tropical climate (mangos, sugar coconut), education, apparel, call centers, information and communication technologies, arts and crafts, cinematography and pharmaceuticals.
More... (http://www.dr1.com/index.html#4)
Eulogio Santaella, the new president of the chamber of commerce, pointed out that while India's presence is still minimal in Latin America the country's spotlights are now on the region and challenged the DR to capitalize on this interest. He commented that while sugar cane came to the country from India, today we are exporting rum to India.
Fernando Gonzalez Nicolas, event organizer and Tata industries representative in the DR, said that the DR has to become the frontline for Indian investment in Latin America. He said the big opportunity is for the DR to become the testing ground for Indian investments on a smaller scale prior to penetrating the greater markets in Latin America.
Eddy Martinez of CEI-RD said that India's investment in Latin America is minimal today, but it is one area of major growth in future years. He said there was potential for increasing Dominican exports to India from US$10 million at present to US$500-US$1 billion especially through the establishment of joint ventures and partnerships with Indian companies.
Kai Shoenhals, president of the Association of Exporters of the DR, says this is already happening with a film industry alliance with the Vicini group under the brand Indomina (India and Dominicana), and an agreement with Tata regarding steel products. He said the DR needed to look at trading 25% with the US, 25% with Latin America, 25% with Europe and 25% with Asia, with India being the main ally.
Citing the vertiginous growth of India in the past 15 years, on average annual 9%, he believes that the potential for Indian business to invest in the DR is enormous, much greater than with China.
"We need to learn from the transformation processes in India," he stated, highlighting the fact that there is a research institute for all sectors in India and the DR.
Jose Torres of the Association of Dominican Free Zones described India as the big investment partner for the DR.
Salvador Demallistre, of the Association of Foreign Business, challenged the DR to take advantage of its geographical positioning and become a logistics center for trade and operations with India.
Norman de Castro, of the Pellerano & Herrera law firm, urged Dominicans to think out of the box and focus on south-south diplomatic, economic, social and commercial alliances, with a focus on India, Brazil and South Africa. He sees India as a nation that the DR should study to apply lessons learned here.
Indian ambassador to the Dominican Republic, Deepak Bhjowani announced that President Leonel Fernandez would be speaking at the Sustainable Development Summit in New Delhi on 3 February 2011, marking an important step forward in Dominican-Indian relations. Trade with India is currently at US$55 million in imports and US$9.5 million in exports. But he says the potential is there to bring trade up to US$500 million no later than 2015.
He said the dynamism of the Chamber reflects the business sector's interest in making this happen. He said he has the commitment from India's foreign relations ministry that he will be able to at least announce the opening of the Santo Domingo embassy before the end of his term in a year. Bhjowani is based in Havana, Cuba.
Areas of major growth are research, medical tourism, Indian tourism to the DR, farming as India has large extensions of tropical climate (mangos, sugar coconut), education, apparel, call centers, information and communication technologies, arts and crafts, cinematography and pharmaceuticals.
More... (http://www.dr1.com/index.html#4)