India-Latin America trade grew 9-fold in 25 years: Industry body

Over the last 25 years, trade between India and Latin America has grown nine-fold, rising from $2 billion in the year 2000 to almost $18 billion in 2025, said Raj Kumar Sharma, CEO of the Indo-Latin American Chamber of Commerce (ILACC). Speaking to WION about the potential for further expanding Indo-Latam investments, Sharma said that Latin American countries are looking to invest $2 billion in India by 2028, whereas India is likely to invest a larger sum in the region. A facilitator of bilateral trade and commerce, the ILACC is recognised by the Indian Ministry of External Affairs (MEA) and Ministry of Commerce (MOC).

Recently, the ILACC launched its South India chapter, with a focus towards facilitating deeper engagement between Latin America and the Southern Indian States. The conclave witnessed the participation of entrepreneurs, industry leaders, trade envoys, and ambassadors from Latin American nations, including Peru, Cuba, El Salvador, Venezuela, Uruguay, Chile, and Argentina.

The event featured high-level discussions, business partnership sessions, and panel dialogues aimed at enhancing trade, diplomacy and forging partnerships in sectors such as agriculture, energy, technology, healthcare, education, pharmaceuticals, and infrastructure.

Addressing the event, officials emphasized on the need to move from North-South corridors and to focus on Global South connectivity. Among the prospective corridors discussed were Chennai-Caracas, Bengaluru-Buenos Aires, Mumbai-Lima. Representatives from Latin American nations said that India’s vast energy requirements could be supported by oil and natural gas and renewable energy solutions from the Latam region.

Listing out the areas of potential cooperation, it was said that India could work with Cuba on pharma and biotechnology to develop affordable drugs for global south, Uruguay’s forward-looking policies and strategic location could prove attractive for Indian investments, Argentina can contribute in terms of mining and renewable energy, Peru welcomes partnership in the textile and agriculture sectors, El Salvador in digital transformation technologies, and Honduras in textiles and sustainable development.

ILACC highlighted that 1.6% of overall Indian imports come from Latin America, whereas India contributed to 2% of overall imports by Latin America. Pharma, agro, chemicals, EV industries, engineering goods, automobiles, and automobile parts are among the major areas where there is potential for India to export to Latam region, industry estimates say. Further, in the high-tech areas, India can also contribute in space tech, biotech, and fintech.