India is key to Latin America’s growth story: Pabitra Margherita at Raisina Dialogue 2025

On the third day of the Raisina Dialogue 2025 in New Delhi, Pabitra Margherita, Minister of State, Ministry of External Affairs on Wednesday stressed upon India’s commitment to fostering partnerships with the Latin American and Caribbean (LAC) nations.

India’s commitment to a multipolar world and Global South

Highlighting India’s vision for an inclusive global order, Margherita stated, “We in India believe that in order to build an inclusive and just order, it is imperative to forge strong partnerships with the developing world.”

He specifically highlighted the importance of LAC nations in India’s global outreach. “Countries of Latin America and the Caribbean—our LAC partners—occupy a very significant position in our diplomatic and economic engagements. We share similar aspirations and support a multipolar world order that serves the needs of the Global South.”

Expanding cooperation with LAC nations

Margherita pointed out that India has been proactively engaging with the LAC region, especially following Prime Minister Narendra Modi’s visit to Guyana for the second India-CARICOM summit. “The Prime Minister proposed cooperation in various sectors, including capacity building, agriculture and food security, renewable energy, climate change, innovation technology, and trade.”

Building on this momentum, he noted, “I had the opportunity to follow up on the Prime Minister’s engagement roadmap during my visits to The Bahamas, Barbados and Nicaragua. There is great potential for boosting economic cooperation, increasing trade and investment and fostering robust people-to-people ties between India and LAC nations.”

Trade and investment: A growing partnership

Margherita highlighted India’s economic engagement with LAC countries, noting that bilateral trade had reached $35.73 billion in the financial year 2023-24. “There is a high level of complementarity between our economies. India’s demand for natural resources and agricultural products can be met through imports from LAC, while India can serve as a trusted source of consumer products,” he said.

He further elaborated on India’s growing presence in the LAC pharmaceutical industry. “Our pharmaceutical industry has significantly expanded its footprint in the region,” Margherita noted.

On the topic of trade agreements, he remarked, “There is increasing interest in expanding the scope of the preferential trade agreement between India and LAC markets. India is the fifth-largest trading partner of Brazil and Argentina.”

Collaboration in energy security and sustainable development

Speaking on strategic resource acquisition, Margherita said, “In the first-ever overseas acquisition of lithium resources, India signed an agreement with Argentina to lease five lithium blocks for exploration and eventual extraction.”

He highlighted the LAC region’s wealth of natural resources, stating, “Latin America with its rich reserves of oil, natural gas and minerals can play a crucial role in advancing India’s goal of energy security and diversification.”

India and LAC nations are also collaborating on biofuels and ethanol production. “Our cooperation in biofuels is opening new pathways for sustainable energy solutions,” he affirmed.

Technology, infrastructure and development cooperation

Margherita emphasised India’s role in technology-driven development in the LAC region. “There has been growing LAC participation in Indian initiatives like the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure and Mission LiFE,” the minister said.

He also highlighted India’s contribution to digital infrastructure citing the adoption of the Unified Payments Interface (UPI) in Trinidad and Tobago. “Efforts are underway to promote UPI in Guyana, Peru, and Jamaica,” he added.

Discussing India’s development assistance, he said, “India is funding development projects in several LAC nations including healthcare initiatives in Suriname, St Vincent and the Grenadines, Trinidad and Tobago, St Kitts and Nevis, the Dominican Republic and Barbados.” He also mentioned India’s $23.37 million line of credit for the supply of two aircraft to Guyana and a major power transmission project in Nicaragua, which is expected to be completed soon.

Cultural and academic ties

Reflecting on the deep-rooted historical ties between India and LAC, Margherita said, “Our links with the region go back centuries to the arrival of Indian indentured labourers in the Caribbean. Our strong emotional and cultural bonds can go a long way in strengthening our ties.”

He cited Prime Minister Modi’s suggestion at this year’s Pravasi Bharatiya Divas to create a comprehensive database of the Indian diaspora in LAC. “This will help enhance engagement with the Indian-origin communities in the region,” he said.

Education and academic collaborations are also key pillars of India-LAC relations. “Indian scholarships and training programs in IT, medicine and engineering have enabled students from LAC nations to gain expertise and contribute meaningfully to their nations,” he said.

Looking ahead, Margherita expressed optimism about future collaborations. “There is immense potential for new opportunities and enduring partnerships between India and LAC. With our shared heritage and deeper understanding, our cooperation will only grow stronger. Our spirit of friendship will only flourish further.”