The Minister of State for Commerce and Industry, Shri EVKS Elangovan has said that in the interest of South-South cooperation, India was ready to share its developmental experience with CARICOM (Caribbean Community) member states.(CARICOM member states include Jamaica, Barbados, Trinidad & Tobago, Guyana, Suriname, The Bahamas, Belize, Dominica and Antigua& Barbuda). He was speaking after inaugurating the first ever India- CARICOM Economic Forum in the island state of Trinidad and Tobago recently. He said that the scope of the ITEC (Indian Technical and Economic Cooperation) programme would be further expanded to give a boost to economic cooperation. ITEC is an ongoing programme through which India renders assistance to Caribbean governments in capacity building - human resources development, undertake project related studies, depute experts, etc.
The Minister said that to facilitate sourcing of Indian goods and services and project exports, India has placed credit lines in Trinidad and Tobago, Suriname and Guyana. “We will be happy to increase the quantum of these credit lines and offer new credit lines to other Member States of the CARICOM too”, he said.
Shri Elangovan emphasized the benefits that would accrue by promoting direct business linkages as both India and Caricom states are producing goods and services that are of mutual export interest. India produces and exports most of the goods and services that the CARICOM Member States import today. Similarly, India imports several items, including energy products that Caricom states have to offer. “Presently, we are trading in various goods and services, most of it through third countries. It is my conviction that by promoting direct business linkages, we could bring home the fruits of cooperation, for the benefit of our peoples on both sides, by bringing down the costs of goods and services traded” he said.
The Minister said that apart from bilateral trade, there was vast potential for economic cooperation in manufacturing and services sector. “Consequently, we have identified four areas of special interest, namely, ICT, Small and medium Enterprises (SMEs), Tourism and Healthcare/Pharmaceuticals for closer cooperation between CARICOM and India. Separate workshops on each of these areas are being organized as part of this Economic Forum for focused deliberations” he noted.
Shri Elangovan observed that computerization project of CARICOM Secretariat, Construction of a Cricket Stadium in Guyana, Construction of transmission lines in Suriname, setting up of steel plant in Trinidad and Tobago, close cooperation to enhance the competitiveness of Jamaican sugar industry are some of the prestigious developmental initiatives undertaken by India in the CARICOM region. Apart from this India’s efforts to supply emergency medical assistance to Grenada when it was hit by hurricane Ivan last year was particularly commented by the Caribbean Ministers.
The CARICOM ministers appreciated India’s initiative in organizing the Economic Forum and wanted to institutionalize the Forum for further broadening and deepening the economic cooperation with India.
SB/SS
(Release ID :11132)