External Affairs Minister S Jaishankar stated that India wants to increase its trade with Latin America, which is approaching USD 50 billion, and that Indian companies are investing heavily in the region in sectors such as energy, mining, agriculture, and automobiles.

On Thursday, he spoke at the India-Colombia Business Forum in Colombia's capital, saying that his four-nation trip to Latin America was aimed at exploring ways to improve India's level of cooperation with the region.

"Our purpose for being here today is to highlight India's growing presence in Latin America." Annual trade volumes between us are approaching USD 50 billion. "Our companies are making significant investments in the region, from energy and mining to agriculture and the auto industry," he said.

He stated that Indian companies are carrying out projects in Latin America, including infrastructure, power transmission, and mining, and that they are also delivering products in the shipping and aviation sectors.

"Even in trade, while we naturally seek to increase volumes, the decision before us is when, where, and how much to invest." The pharmaceutical industry is particularly concerned about this challenge.

"Our goal is to assess the relative ease of doing business among the countries in this region." We concentrate on issues of market access, regulatory complexities, and non-tariff barriers. "Business environment predictability is also an important factor," he said in a statement.