INVC,
Delhi,
The Vice President of India Shri M. Hamid Ansari officially launched the Indian Chambers of Commerce (INCHAM) during his visit to Peru at special function jointly organized by the Embassy of India, Peru and INCHAM in Lima, Peru today. Ambassador of India to Peru Mr. ManpreetVohra and President of INCHAM, Mr Ravi Krishna, senior officials and business leaders from both India and Peru were present on the occasion.
INCHAM aims to facilitate Indian Trade & Industry to do business in Peru and other countries of Latin America.
Addressing the gathering on the launch, the Vice President said that the new organization promises to fill what has so far been a vacuum in India-Peru commercial and economic relations. The official website of INCHAM was also launched during the occasion.
INCHAM will seek to increase awareness of either country’s business opportunities in the other, it will offer information and advisory services, and it will provide the important bridge between businesses and governments that is vital when economic relations reach a take-off stage, as they have between India and Peru.
India-Peru bilateral trade is increasing very quickly and has gone up by 7 times in the last 5 years. The growth rate last year was 35%. In the first six months of this year, it rose by over 44%. Peru is rapidly becoming one of the more important trade partners for India in this region. Looking at the potential, the Governments of India and Peru are hoping to start negotiations soon for a Free Trade Agreement.
Indian investments in Peru are also rising. The number of Indian companies with offices here is increasing steadily, as also the number of Indian professionals working here. Another document that we hope to finalise with Peru soon is the Bilateral Investment Promotion and Protection Agreement.
