Indian High Commissioner Arun Kumar Sahu says Caribbean businesses should try to reach beyond their comfort zones of doing business with North America or Europe, noting that India is one of the largest growing economies globally.
Speaking during a virtual webinar titled Trade and Investment Opportunities Between India and T&T in a Post-COVID-19 Regime, Sahu said India had a lot to offer in terms of the quality and pricing of commodities and services.
“In the last 22 months that I have been here, I have constantly been vouching that Indian businesses do more with the Caribbean countries, especially with T&T, which is the biggest among them all and well connected with Europe, North America, and South America,” Sahu said.
He added that T&T could be an ideal base for intra-Caribbean commerce and trade with other South American and Central American countries.
The High Commissioner identified ten focused sectors this country can look at for future cooperation including information technology and information technology-enabled services, pharmaceuticals, agriculture and agro-biotechnology, new energy, especially wind and solar, tourism including medical tourism, textiles and garments, including fashion-wear, ethnic wear and jewelry, higher education, automobile sector, Ayurveda and wellness, and film, music, and entertainment.
Sahu also noted that one of the critical challenges of doing business with small island countries was their small market size.
For instance, he cited the population of T&T was 1.3 million, Grenada 110,000, and Dominica, 70,000.
Nevertheless, there are niche areas that can be looked at, Sahu maintained.
“We are constantly working to put the necessary institutional mechanisms to facilitate any ventures.
“Thus, for example, we are working closely with Grenada, which is called the spice land of the Caribbean, to strengthen our cooperation in the agriculture sector, namely, exchange of technical expertise, sharing of technology and training,” he explained.
Sahu also added that all three countries that he is accredited to as High Commissioner are active partners in its International Solar Alliance and development partnership programme.
“We are working with them in the areas of environmental protection and clean energy. We also impart skill and technical training to many Caribbean professionals.
“I think the fundamentals for robust cooperation are strong, and it is up to the entrepreneurs of both sides to take the initiatives,” the High Commissioner added.
Dr Mahindra Ramdeen, CEO of the T&T Manufacturers Association (TTMA) who also attended the webinar extended his commitment to working with the Indian businesses for further strengthening of bilateral trade and investment.
He suggested ways to increase trade and economic cooperation in the areas of science and technology, machinery, automobiles, pharmaceuticals, textiles, agro-processing and sports including cricket.
Ashwani Kumar, Regional Chairman, Northern Region of the Federation of Indian Exporters Organisation (FIEO) also underscored the tremendous potential for two ways trade as well as investment.
He suggested appropriate frame-work in the form of bilateral MOUs to facilitate institutionalised cooperation between both the countries.
FIEO is the apex body of Indian exporters set up by the Ministry of Commerce, Government of India.
It presently has a membership of about 35000 business houses and 17 offices spread across India.