Colombian Government Meets With Indian Companies To Strengthen Bilateral Relations

Colombia’s Ministry of Commerce, Industry, and Tourism met with a mission of 35 Indian companies in Bogotá as the Petro administration seeks to strengthen relations between the South Asian country and increase foreign investments into Colombia. 

A statement from the government states that over 35 Indian businessmen, with some of the businesses not having a footprint inside Colombia yet, met up with Commerce, Industry, and Tourism Minister Germán Umaña Mendoza to discuss potentially increasing trade between the two countries, including an increase of foreign direct investment into the country. 

“We are interested in strengthening the investment relationship. We seek that the foreign investment that arrives in Colombia promotes the transfer of technology and knowledge and promotes employment and productive chains with the participation of SMEs,” the minister said. 

Among the things discussed in the meeting is the increase of cooperation between the two governments regarding trade between the two countries in industries of common interest, as well as a review of the investment agreement between the two countries. 

“Our goal is to attract investment to the agribusiness and food security sectors; defense and life and health, and that incorporate technology transfer, knowledge, sustainability, promote employment and production chains, to which SMEs can be linked. And that they would be the motor to advance towards the internationalization of the regions,” Luis Felipe Quintero Suárez, the Vice Minister of Foreign Trade for Colombia, said. 

Indian External Affairs Minister S. Jaishankar has also pushed the need for a stronger Indian investment presence in Latin America, and has pushed for the Indian government and business sectors to invest more in different industries inside Latin America, including energy, mining, agriculture, and automobiles.

“The fact is, that COVID-19 has made us all much more health conscious but also aware of supply chain vulnerabilities. Cost is also a relevant factor. If we are looking at more sources, regionalized production and competitive pricing, I would suggest to our Colombian friends that the Indian industry is your natural partner,” Jaishankar said. 

Trade between India and Colombia is largely concentrated on oil, coal, and gold as Colombian exports, and pharmaceutical products, chemical products, and vehicles as Indian exports to the Latin American country. The trade between the two countries reached $3.9 billion last year according to the Colombian government. 

During the visit of the Indian delegation, the two countries signed the Cultural Exchange Program 2023-2026 that renews a cultural exchange agreement from 1974 with the goal of deepening relations between the two countries.

“The purpose of the bilateral program is to establish a reference framework for the development of exchange and cooperation activities between institutions and organizations in charge of cultural aspects, as well as between creators, researchers, and cultural managers of both states, mainly in the fields of cultural heritage, museums, historical archives, exhibitions, performing arts and music, cinematography, radio and television, literature and libraries, and creative industries,” the government press release said.