New Delhi, October 17, 2014 (PL).- India encouraged Latin America and the Caribbean to double bilateral trade within the next five years and increase investments as part of the South-South cooperation.

«Doubling the trade figures in the next five years should be our collective goal and bilateral investments could help us in achieving this milestone», said Commerce and Industry Minister Nirmala Sitharaman at the India-Latin American Investment Conclave.

Trade ministers from most Latin American and Caribbean countries, as well as company representatives which have already invested in India or are exploring opportunities in the country.

Current trade between India and Latin America reaches around $46 billion , but does not reflect the total potential which exists in both regions, said Sitharaman, adding that the target could be reached by «broad-basing trade and economic ties and diversifying the basket of trade in goods and services».

During the first day of the event, trade ministers and government officials from Argentina, Bolivia, Brazil, Colombia, Cuba, Guatemala, Haiti, Honduras, Nicaragua and Peru addressed the audience.