Closer cooperation with Latin America holds immense economic potential for India. Latin Americaâs collective GDP is more than $5 trillion. It has a combined population of more than 600 million, nearly half of which is under the age of thirty. The region constitutes a dynamic, growing and resource-rich part of the world that is witnessing increasing democratization and surging economic growth. These factors helped Latin America attract more $179 billion in FDI in 2013, more than any other region in the world. The profile is remarkably similar to Indiaâs own growth story.
Throughout the last half-century, New Delhi has actively pursued robust relationships with the United States, the European Union, the Middle East, China, Southeast Asia and even Africa, with varying degrees of success. Yet, Latin America has been conspicuously absent from this list, reflecting the regionâs relative insignificance in New Delhiâs foreign policy calculus. Signs are emerging, however, that Latin America is becoming increasingly important to India, particularly in the economic arena. Although it is unclear how far and deep that cooperation will proceed, India-Latin American relations are on an upswing. The two are poised to embark on a stronger, long overdue partnership.