India's trade with Latin America may touch $50 billion by 2014

NEW DELHI: India's trade with Latin American countries is expected to touch USD 50 billion by 2014 on account of healthy economic growth in both the regions, PHD chamber said today.

In a function at PHD chamber, ambassadors of countries including Chile, Colombia and Mexico sought investment from India and deliberated on trade and business opportunities in their countries for Indian businessmen.

"Huge potential exists in both the regions," PHD Chamber of Commerce and Industry Senior Vice President Suman Jyoti Khaitan said in a statement.

The Latin American region's trade with India was significantly low until the beginning of the past decade. With positive initiatives by the governments from both sides, the trade multiplied, Khaitan said.

He said both India and the Latin American countries are facing similar challenges in sectors like infrastructure, technology and skill development.