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Need for increase in economic relations between India, B’dos

1/30/2012

By Jenna Marshall

There is a vast potential for economic and technological co-operation between India and Barbados.

This is according to High Commissioner of India to Barbados, His Excellency K.S. Sodhi whose remarks were presented at the celebrations marking the 63rd anniversary of the Indian Republic held in the Henry Fraser lecture theatre at the University of the West Indies, Cave Hill campus.

Although absent, the Indian Honorary Council to Barbados, Dr. Mohini Harris, delivered a speech on behalf of the High Commissioner Sodhi who invited Barbados to collaborate on mutual important sectors for the two nations which included tourism, agriculture, pharmaceuticals, engineering, IT, science and technology etc.

He also took the opportunity to emphasise that the Government and people of India would also be fond of continuing to strengthen the bonds of friendly relations with Barbados which were time-tested.

He stated, “There are many similarities between our two nations; both are democratic, secular, and multicultural nations. In this spirit, we have witnessed a growing interest on both sides, in expanding our economic co-operation. I am sure that, with a common effort, the relationship of friendly, mutually beneficial co-operation between our two countries will be further enhanced.”

High Commissioner Sodhi expressed that the world was passing through a difficult phase, yet he maintained that the economic fundamentals of India were strong and its constitutional processes robust, maintaining that India was “up to the tasks of meeting the challenges it faced as a nation”.

He outlined that in spite of an adverse international environment, the Indian economy was expected to grow by approximately seven per cent for the financial year ending March 21, 2012. However, he was hopeful the country would return to its rhythm of growth processes to sustain an annual growth rate of nine to ten per cent in the medium-term.

“India, Latin America and the Caribbean are among the world’s new growth pools. Latin America and the Caribbean countries have weathered the international crisis with remarkable resilience and emerged from it sooner and more robustly than the developed economies,” His Excellency maintained.

According to High Commissioner Sodhi, the rise of Latin America and the Caribbean reflected not only their growing contributions to the world economy, but also the importance of linkages between emerging and developing economies through increased investment and co-operation. He therefore noted that within this context, India would like to continue to deepen its trade and investment relations with Barbados, Latin America and Caribbean region.

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