India and the Latin America region forge stronger auto sector ties at Ninth Delhi Auto Expo

The Confederation of Indian Industry (CII), in association with the Society of Indian Automobile Manufacturers (SIAM) and Automotive Component Manufacturers Association of India (ACMA) organised a seminar, Auto Metering 2008, a seminar on opportunities in the automotive sector in the Latin-American-Carribean (LAC) regions.

The event attracted the participation of a high-level delegation from El Salvador, headed by vice-president, Ana Vilma Albanez de Escobar. In his opening address, Madhur Bajaj, vice chairman, Bajaj Auto Ltd, mentioned long-standing economic and business ties between India and LAC countries.

Bajaj said, "With growing demand for tier-1, or low-cost vehicles in both the Indian and LAC markets, the time has come for companies in both regions to identify co-creation possibilities and work on the synergy in operations, he said. "With notable ventures such as Tata-Marco Polo, Maruti's entry in the remanufactured car market, India-LAC business ties are today stronger than ever before", he added.

He also took note of Latin America's role in the introduction of ethanol-blended fuel in India. Bajaj is one of India's leading two- and three-wheeler manufacturers, with exports of approximately 100,000 vehicles to El Salvador alone.

Ravi Thapar, joint secretary (LAC), ministry of external affairs, in his address, mentioned India's strong ties with the LAC region in the IT, pharmaceuticals and automotive parts business. "With India's emergence as a world leader in IT and now low-cost vehicle production, the time is ripe for invigorating Indian businesses to invest and explore opportunities in the LAC region", he said.

Emphasising that India and El Salvador already have bilateral trade worth $20 million per year, Thapar said, "This will be further bolstered by the set up of an IT centre in El Salvador, which will help business and the government in procuring information on use of IT in various fields". He also mentioned the progress in diplomatic ties, with El Salvador, Honduras and Nicaragua moving to consular status, enabling faster visa formalities for residents of these countries.