India and Colombia discussing investment & taxation treaty
Speaking at an interaction on India-Colombia: Opportunities for Trade and Investment, organized by Confederation of Indian Industry on Monday 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 clip, Colombia can prove a great help providing raw material and commodities. Mr Plata said, “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.” Showcasing his country’s credentials, Mr Plata said, “Colombia is no more a violence-stricken country and security and democracy are its defining features. We put premium on social security when it comes to investment. Our country 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. We need to address lacuna in our policies to facilitate more trade between the two countries. There are business opportunities. We 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.
Mr Abhinav Kumar, Marketing manager for Iberoamerica, Tata, said, “The Tata Group is bullish on Latin America. The group intends to replicate its social responsibility model in Colombia while doing business.” He said Colombia is the market of the future. The country is strategically located and offers a vast pool of skilled manpower.
Mr Luis Carlos Villegas, President, National Association of Industrialists of Colombia, called for stronger ties between the two countries and said, “Colombia offers a stable market to foreign investors and looks to closer co-operation with India. Colombia is changing, resilient and moving forward and has emerged as a regional leader.
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