India presents proposal to increase investments with Peru

India’s Minister of State of External Affairs, Shashi Tharoor, presented a proposal to Peru’s government on Thursday to begin talks on an investment agreement between the two countries. During a press conference with Peru’s Foreign Affairs Minister, José García Belaunde, Tharoor said Indian companies are particularly interested in investing in natural gas exploration and mining projects in Peru, as well as the country’s agricultural, pharmaceutical, and technological sectors, daily Gestión reported.

“I want to be cautious about investment numbers,” said Tharoor. “Indian companies are currently working on investment plans in different areas. However, in the area of hydrocarbons, for example, we could be talking about an investment of $550 million over five years.”

Bilateral trade between India and Peru totalled $785 million in 2008, with Indian exports accounting for $503 million, according to the Indian embassy in Peru. In 2004, total bilateral trade was $125 million. Despite India’s increased exports to Peru, the Peru-India Chamber of Commerce estimates that Indian exports currently account for only 0.6 percent of Peru’s total imports.

Peru’s main imports from India include drugs and pharmaceuticals, organic and inorganic chemicals, metal products, textiles, and automobile parts, including the bajaj two and three-wheelers common on Peru’s streets. Peru’s main exports to India are minerals and concentrates, fish meal, and rough silver.

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