Opportunities for the Dominican republic galore with India
Santo Domingo.- India is a US$2 trillion economy growing steadily at a rate almost double the average growth elsewhere. It is well poised to be among the top three economies globally, reaping rich demographic dividend.
At a time when many countries are suffering recession due to shrinking and aging populations, India’s labour pool is growing by over 10 million annually. Coupled with high savings, investment and capital formation and high domestic demand India is a major source of sustained growth and prosperity.
The billion-strong nation is committed to forge stronger ties with the most dynamic Caribbean nation, the Dominican Republic, Indian Ambassador Rajasekhar highlighted in a business meeting Wednesday morning he hosted in Santo Domingo. He expressed happiness as Dominican Republic and India are drawing closer.
President Medina just visited INDOMINA film studios, true to the name, India and Dominican, would create Bollywood style mania here.
The Ambassador conveyed a sense of warm welcome that awaits for Dominicans in India and cited the easy visa policy that it has put in place. Every month during the second week, an Indian visa officer camps in Santo Domingo to issue visas on the spot under the auspices of the India DR Chamber of Commerce.
India produces and exports literally everything that DR imports but the present content of economic cooperation hardly justifies the potential. The Ambassador reiterated his mission to remove information and logistical bottlenecks and to facilitate and promote greater business linkages. A DR Pharma delegation has recently visited India to see firsthand, the potential for bilateral cooperation in health care. Visits of more such business delegations would be exchanged in the near future.
Vice Ministers Inocencio Garcia and Juan Reyes from the Ministry of Economy, Planning and International Cooperation graced the occasion representing the DR government and reciprocated the sentiment fully, underlining the resolve of President Medina’s government to expand ties with India.
They thanked India for the ongoing cooperation including in human resource development, capacity building and information technology. India has gifted a Centre of Excellence in IT in Santiago to train Dominicans.
They exhorted businesses to look to India to cut costs and enhance competitiveness as DR aims sustained growth and called upon the Indian businesses to look at DR as a facilitating gateway to the vast potential of the region. The Ambassador assured to relay the message widely among the Indian businesses.
The Exim Bank of India representative Sivakumar explained various instruments such as Lines of Credit, Buyer’s Credit and Overseas Investment Finance to encourage DR businesses to finance trade and investment with India. India’s engagement with the region is growing robustly, today the two way trade standing at US$25 billion and India’s investment well over US$10 billion.
Sectors like projects, pharmaceuticals, industrial and transport equipment, construction, mining and ICT were identified as areas of synergy. The well attended and interactive event also saw the participation, inter alia, of the DG Mining Alexander Medina, President of the DR Federation of Chambers Maribel Gasso, Jabar Singh, President of the India DR Chamber, Campos de Moya of the Vicini Group, Fernando Gonzalez Chair of the Commonwealth Business Round Table.
The visiting Indian business delegation included Nemu Chandaria, Director of Petroplast with business interests in chemicals, paints, projects and equipment; Paresh Mehta, Managing Director of Intermed Pharmaceuticals; and Dilip Gurnani, Chairman of the Wama Group.
The Ambassador offered to organize more such events to disseminate business information about partnering with India for mutual benefit.
Category: DR News |