Thursday, June 5, 2008

India and Colombia discuss investment and tax treaty

by Jo Black

Speaking at an interaction on India-Colombia: Opportunities for Trade and Investment, organized by the Confederation of Indian Industry in New Delhi, H E Luis Guillermo Plata, Minister of Trade, Industry & Tourism, Colombia, said the economic relations between India and Colombia have a great potential.

He said the two countries are discussing bilateral investment and double taxation treaties.

Calling for closer ties with India, Mr Plata said the Colombian private sector looks forward to greater involvement with India and Indian partners.

He underlined the need for greater interaction between India and Colombia.

He pointed out the fact that as India is growing at a fast rate, Colombia can prove a great help providing raw material and commodities.

Mr Plata said that Colombia offers excellent opportunity for investment. Colombia package is a very competitive one with special free trade zones, legal security contract and improved social issues.

Mr Plata further said that Colombia is no more a violence-stricken country and security and democracy are its defining features.

He said the country puts a premium on social security when it comes to investment, and has made good progress on growth, inflation, FDI and tourism fronts.

Mr Ravi Thapar, Joint Secretary, Latin America and Caribbean, Ministry of External Affairs, said Latin America is going to be a very important region for India.

India and Colombia need to interact more closely and need to address lacuna in policies to facilitate more trade between the two countries.

There are business opportunities and they should work to ensure a win-win situation.

India is going to face shortage of natural resources. It is here that Colombia can help us with its hidden treasure, he added.

Source : http://www.ciionline.org/

 

 

 

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