Trade turnover between India, Dominican Republic has reached about USD 1 bn: Jaishankar

29 April, 2023 | Pragati Singh

india National

Trade between India and the Dominican Republic had reached nearly USD 1 billion, with significant trade in pharmaceuticals, marine, gold, and paper products.

External Affairs Minister S Jaishankar said on Friday that trade between India and the Dominican Republic had reached nearly USD 1 billion, with significant trade in pharmaceuticals, marine, gold, and paper products. Addressing the India-Dominican Republic Business Event in the Dominican Republic, Jaishankar said, “So this is very much, therefore, a diplomatic trip. It is a political trip, but it is, of course, a business trip. Where the Dominican Republic is concerned from a trade we had of USD 12 million before we established diplomatic relations 20 years ago, it has today reached almost a billion dollars. And a lot of our trade is in pharmaceuticals, in marine products, in two and three-wheelers, in iron and steel, in gold, and in paper and paper products.”

He also mentioned that a few Indian companies have already established offices in the Dominican Republic, including Glenmark Pharmaceuticals, Hetero, Caplin Point, and Flagship Biotech. He also stated that some of India’s major automobile dealers, as well as two-wheeler dealers such as Bajaj, Hero, and Royal Enfield, have local dealers in the Dominican Republic.

“In fact, as we entered, I was speaking to the head of our business delegation and he told me that he himself, his company, has had 15 years of business here and they have a number of important distributors. Now, we have seen over the years that there have been many more officials and business delegations visiting India to engage with our business,” he said at the India-Dominican Republic Business Event.

“We saw last year a Dominican delegation at the INTEXPO the textile event in Mumbai at the Global Regulators meet, which was organised by our Pharmaceutical Export Council at the India International Garments Fair which was organized by our Apparel Exports Promotion Council, and also at the India-Soft Exhibition which is dealing with computer software,” he added.

The EAM stated that talks on a joint economic and trade cooperation JETCO mechanism were concluded between India and the Dominican Republic. He also stated that the agreement is in the final stages of approval and will be finalised as soon as he returns to India.

He also hoped that JETCO would serve as a venue for regular meetings addressing economic and business opportunities between India and the Dominican Republic. He also mentioned his meeting with Dominican Republic President Luis Abinader, saying the discussions focused on promoting business between the two countries.

“Delighted to call on President @luisabinader of Dominican Republic. Conveyed greetings of PM @narendramodi. Value his vision for our bilateral and multilateral partnership. Discussed our increasing political contacts, growing economic & commercial relations, business cooperation, capacity building, and people-to-people ties,” Jaishankar said in a tweet.

During his visit to Latin America, Jaishankar stated that India is interested in the region.

“That interest is today expressed in a trade turnover that is approaching USD 50 billion annually in a growing number of investments in different sectors, from energy and agriculture to mining, to projects of various kinds, to IT delivery centers, to pharmaceuticals. So there’s a conscious intensification of our relationship with Latin America. And I would say that in many ways, business is leading the way,” he added.

Jaishankar arrived in Santo Domingo, Dominican Republic, on Friday for his first official visit.

“Arrived in Santo Domingo for my first official visit. Thank Vice Minister @josejuliogomezb for a warm welcome. Look forward to my engagements in the Dominican Republic,” the EAM tweeted on Friday.