Jaipur, August 29: The Rajasthan Business Summit & Awards 2025 witnessed a rare and significant dialogue between India and Latin America.
In a packed hall, the ambassadors of Argentina, Brazil, Cuba, and Peru joined a panel discussion on the theme “Markets, Mandates, Mutual Growth: Reimagining Trade, Technology and Diplomacy.”
Moderated by Anoop Verma, the panel discussion was designed to cut across three interlinked themes: economic partnerships, geopolitical linkages, and the role of global diplomacy in fostering sustainable growth. Introducing the session, Anoop Verma noted that “as global markets realign, as sustainability and inclusivity shape national priorities, and as technology becomes the defining force in international relations, it is clear that trade and diplomacy can no longer be viewed in isolation. They must be reimagined as enablers of shared prosperity.”
He clarified that each ambassador would begin with introductory remarks of three to four minutes on how they perceive the growth of economic and geopolitical ties between India, their respective countries, and Latin America as a region. The conversation would proceed in alphabetical order: Argentina, Brazil, Cuba, and Peru.
Organized by The Economic Times-ETGovernment, the Summit was inaugurated earlier in the day by the Chief Minister of Rajasthan, who emphasized the state’s role as a rising hub of investment, innovation, and global engagement. In his keynote address, the Chief Minister underscored that Rajasthan was not only a gateway for domestic industry but also an emerging platform for international cooperation. He noted that bringing together diplomats, policymakers, and industry leaders was essential to translate opportunities into actionable outcomes.
Argentina: Building Bridges Through Energy, Agriculture, and Critical Minerals
The Ambassador of Argentina, His Excellency Mariano Agustín Caucino, was the first to speak. He opened by recalling the depth of the bilateral relationship: “Argentina was among the very first countries to recognize India’s independence. Our partnership has a long history, but in recent years it has grown in both scope and importance.”
Argentina, he explained, sees three principal pillars in its engagement with India: agriculture, renewable energy, and critical minerals. “We are a major provider of food and agri-products, and India’s growing population and consumption make it a natural partner. On renewable energy, Argentina has developed considerable capacity in wind and solar. And in critical minerals, particularly lithium, we have abundant reserves that are essential for the clean energy transition.”
In response to a question on how Argentina views the evolution of ties over the last 30 years, the ambassador was candid: “The world has changed, and both India and Argentina are now playing larger roles in their regions. For us, Asia is not an afterthought. India is central to our outreach. We must build more structured mechanisms, so that resources from Argentina—food, energy, minerals—feed into India’s needs, while India brings investment, technology, and services.”
He highlighted Argentina’s aspiration to be a long-term supplier of critical minerals for India’s electric vehicle and renewable industries. “Latin America is not distant. We are part of a chain of interdependence. Argentina is committed to being a bridge of growth between our regions.”
The moderator pointed out that Prime Minister Modi’s recent visit to Argentina had specifically emphasized critical minerals, agriculture, and renewable energy as the pillars of future cooperation. The ambassador agreed, saying: “Yes, the visit was very important. It brought momentum. It showed that India is looking at Argentina not only for commodities but as a partner in building sustainable, resilient economies.”
Brazil: Expanding Trade and Technology, Anchoring the Global South
The Ambassador of Brazil, His Excellency Kenneth Félix Haczynski da Nóbrega, followed, bringing with him both the weight of Latin America’s largest economy and the energy of a rapidly expanding bilateral agenda.
He began by noting the scale of current trade: “Our bilateral trade is already at $12.2 billion. The ambition is to raise this to $20 billion by 2030, and both our governments are aligned on this target.”
Asked what sectors could drive this expansion, he was clear: “Energy is fundamental—Brazil is a major exporter of oil and biofuels, and India is a major importer. Agri-business is another—Brazil can supply food security, while India can provide technology and services. Pharmaceuticals and digital innovation are two other areas with huge potential.”
The ambassador emphasized the role of technology. He cited the recent India–Brazil technology pact that envisions cooperation across digital public infrastructure, artificial intelligence, quantum technologies, and financial innovation. “The adoption of India’s UPI payment system in Brazil is under discussion. Such cooperation can set a global example. When two large democracies of the Global South create inclusive digital ecosystems, the world pays attention.”
He also placed the bilateral partnership in the context of multilateralism: “Brazil and India are not only bilateral partners. We are also members of BRICS, G20, IBSA, and other forums. Together, we are voices for the Global South, and together we can push for a fairer multipolar world order.”
The moderator picked up on this point, noting that “Prime Minister Modi’s visit to South America was historic—it was the first by an Indian Prime Minister in decades. It signaled that India sees Latin America not as a distant geography but as a vital partner in its economic and geopolitical journey.”
The Brazilian envoy agreed: “It was indeed a turning point. It reaffirmed that our partnership is not only about trade flows. It is about building resilient supply chains, shaping sustainability frameworks, and ensuring that the Global South has a strong voice.”
Cuba: Healthcare Diplomacy and Biotech Innovation
The Cuban Ambassador, His Excellency Juan Carlos Marsan Aguilera, took the floor next. He began on a note of history: “India and Cuba have shared solidarity since the days of the Non-Aligned Movement. Our political friendship is deep and enduring. But now we must build on it with stronger economic ties.”
He highlighted biotechnology and healthcare as the central areas of cooperation. “Cuba is recognized globally for its achievements in biotechnology and vaccine research. India is a leader in pharmaceuticals and medical manufacturing. By combining Cuba’s expertise with India’s scale, we can deliver solutions not only for our two peoples but for the entire Global South.”
The ambassador recalled that earlier in the year, India and Cuba had agreed to deepen cooperation in biomanufacturing and vaccine development. “India has been invited to BioHabana 2026, our flagship international biotech conference. This is an opportunity to institutionalize collaboration in research and innovation.”
Asked by the moderator which sectors—biotechnology, renewable energy, or pharmaceuticals—offered the most immediate scope for commercial partnerships, he replied: “Biotechnology is at the forefront. We already have models of joint research. But pharmaceuticals and renewable energy also offer opportunities. Cuba has invested in solar and biomass, and we are keen to explore joint ventures with Indian companies.”
He added that Cuba sees healthcare diplomacy as a bridge: “We have sent medical brigades around the world. By working with India, we can expand this humanitarian tradition with technology and scale.”
Peru: Minerals, Agriculture, and the Promise of a Free Trade Agreement
The Peruvian Ambassador, His Excellency Javier Manuel Paulinich Velarde, was forthright in identifying the strengths of the bilateral relationship. “India is one of the largest consumers of gold and silver, and Peru has been a significant supplier. But beyond this, our reserves of copper, aluminum, and rare earth elements are critical for India’s electric vehicle and renewable industries.”
He confirmed that delegations from Bengaluru were visiting Peru to explore cooperation in mining, IT, and pharmaceuticals. “Next month, we are organizing one of the top five mining summits in the world, in Lima. Indian ministers of mines and industries will attend. This will mark the beginning of structured investment dialogues in strategic minerals.”
He pointed to the imminent Free Trade Agreement (FTA) as a game-changer. “After eight rounds of negotiations, we are close to finalizing the FTA—likely by late 2025 or early 2026. It will cover minerals, energy, textiles, services, and investment. It will reduce barriers and create a legal framework for trade expansion.”
Asked about agriculture, he was optimistic: “Peruvian blueberries, avocados, quinoa, and coffee already have a presence in India. With the FTA, these exports will grow significantly. At the same time, Indian IT services and pharmaceuticals will gain better access to our markets.”
He also noted Peru’s cultural linkages: “We are proud of our ancient civilizations. India too has a civilizational depth. Tourism and cultural exchange can strengthen people-to-people ties.”
Moderator’s Interventions: Exports, Multipolarity, and Strategic Importance
Throughout the panel, the moderator interwove key reflections to anchor the discussion. He highlighted India’s ambition to expand exports to $2 trillion by 2030: “That target cannot be achieved without significant partnerships with Latin America—not just for mineral imports but also for Indian exports in IT, services, and manufacturing.”
He also reminded the audience of the geopolitical dimension: “During Operation Sindoor, several Latin American countries, including Argentina, expressed strong support for India. This demonstrates that our partnership is not limited to economics—it is also about shared values and geopolitical solidarity.”
Final Round: How Do Companies View India?
In the final segment, the moderator invited each ambassador to reflect on how companies in their countries view India as a market and what reforms could enable smoother business.
The Argentine Ambassador said: “Our companies increasingly see India as a market of opportunity. They want more attention and engagement. But they also want predictability. A stable framework will encourage investment and long-term partnerships.”
The Brazilian Ambassador pointed out both potential and challenges: “Brazilian companies recognize India’s scale and dynamism. Energy, agriculture, and pharmaceuticals are key areas. But there are challenges—tariff and regulatory barriers must be eased. Once frameworks like the Mercosur–India trade arrangement are expanded, our companies will engage more deeply.”
The Cuban Ambassador stressed the importance of access: “Cuban companies, especially in biotechnology and healthcare, want to engage with India. We must make entry easier—for both Cuban products into India and Indian investment into Cuba. A more direct framework for cooperation is needed.”
The Peruvian Ambassador linked the issue to the pending FTA: “The free trade agreement is essential. It will reduce barriers, create certainty, and encourage companies on both sides to invest. Without it, the potential will remain underutilized. With it, trade and investment will flourish.”
Trade, Technology, and Trust
Summing up, the moderator remarked: “Trade today is not just about commodities—it is about security, technology, and trust. Every new partnership represents both a hedge against uncertainty and an investment in resilience. India and Latin America must see each other as long-term partners in this journey.”
The ambassadors left the audience with a clear message: Latin America is not a distant frontier for India but a region of strategic convergence. Whether through Argentina’s critical minerals, Brazil’s digital innovation, Cuba’s healthcare diplomacy, or Peru’s strategic resources and agriculture, the pathways for cooperation are abundant.
As the world tilts toward a multipolar order, the India–Latin America relationship, grounded in markets, mandates, and mutual growth, is poised to play an increasingly decisive role in shaping the global future.
