Colombian minister to lead business delegation to India

Colombia’s vice foreign minister Monica Lanzetta will make a 10-day visit to India starting October 31. CEOs of reputed Colombian firms and top government officials will accompany her during the trip.
Ambassador of Colombia in India Juan Alfredo Pinto said: “This is a preparatory visit for President Juan Manuel Santos’s visit in the following year. It also aims to foster growth in trade to reach the target of $2 billion.”

Indian ambassador to Colombia Rudi Warjri said, “India is important to Colombia as a model of eco-tech success with all the challenges of a developing country and a vibrant democracy. The bilateral trade crossed $1 billion in 2010. Commerce secretary Rahul Khullar, had said the scope to increase the trade in the next five years was three times more.”

Confident that investment from India in Colombia in the next three years will increase manifold, especially in the mining and petroleum sectors, Warjri said,“There is still a lot of work to be done regarding investment from Colombia. Also, the other focus sector for investment into Colombia is IT , and there is potential in agriculture too.”

Lanzetta’s visit starts with meetings with senior officials in the external affairs ministry as well as other ministries where both sides will review MoUs and agreements signed between the two countries so far.

The team will meet captains of the Indian industry over a lunch hosted by Proexport Colombia in India.

ONGC Videsh (OVL) acquired 50% of Omimex Colombia in a joint venture with Chinese company Sinopec in September 2006, while RIL has signed a contract for exploration of oil in the Borojo North and South blocks on the Pacific coast for an estimated $50 million.

Several brands of motorcycles manufactured in India, such as Bajaj, TVS and Hero, are assembled in Colombia. TVS has 26% stake in a Colombian company TVS Andina S.A. Auteco, the Bajaj Auto representative in Colombia for several years, launched the famous Bajaj autorickshaw in Bogota in March 2010. The vehicle is being assembled in Medellin.

Praj Industries recently obtained contracts worth $35 million for the construction of five ethanol factories in Colombia.

The visiting minister will also deliver a lecture on the 'Colombian Foreign Policy towards Asia and the World' on November 3 at the Observer Research Foundation.