India and Chile to hold Joint Commission Meeting on Wednesday

New Delhi/Santiago, Aug 27 (IANS) Chilean Foreign Minister Alberto van Klaveren will arrive in New Delhi late Tuesday on a two-day visit as India looks at enhancing cooperation with its key partner in Latin America.

External Affairs Minister (EAM) Jaishankar and Klaveren will jointly chair the 2nd India-Chile Joint Commission Meeting in New Delhi on Wednesday before the visiting Foreign Minister and Esteban Valenzuela, the Agriculture Minister of Chile, participate in Chile⁠-India Business (Agriculture) Summit.

The Chilean delegation will then proceed to Mumbai as it participates in various events to position the country in the Indian market.

"The forthcoming visit of Minister Klaveren will provide both sides an opportunity to review the progress in bilateral relations and explore new avenues for cooperation, further strengthening bilateral ties," the Ministry of External Affairs (MEA) said on Tuesday.

Klaveren arrives in India from Vietnam where he held talks with Vietnamese Foreign Minister Alberto van Klaveren and also met with Deputy Prime Minister Bui Thanh Son on Tuesday.

Before leaving for Asia, Klaveren met Abhilasha Joshi, the Indian ambassador to Chile, last Wednesday to discuss various aspects of his visit.

The minister emphasised that Chile is seeking new opportunities in the Asian sector and also strengthening ties with India in areas such as commercial cooperation and initiatives that facilitate the exchange of goods and services.

"India is a strategic market for the diversification of Chilean exports. Advantages are projected for the national industry of wines, meats, nuts, fruits, among others. In addition, this opportunity will allow us to continue consolidating a rich bilateral relationship with one of the most important economic powers in the world," the Chilean Foreign Ministry said after Foreign Minister's meeting with the Indian Ambassador.

According to the MEA, India’s export to Chile, which continue to grow, are diversified and constitute motor vehicles/cars, drug formulations, chemicals, products of iron and steel, man-made yarn, fabrics, cotton fabrics, made-ups, RMG Cotton including accessories, auto components, electric machinery and equipment, leather goods, rubber products, bulk drugs, drug intermediates, footwear of leather, iron and steel, aluminium & its product, ceramics & allied products, RMG man-made fibres etc.

"As far as Indian investment in Chile is concerned, based on the information given by various companies, it amounts to about US$620 million. Indian companies have entered the Chilean market by acquiring Chilean companies or setting up joint ventures. Chilean investment in India amounts to US$ 118 million (source: DIPP). In addition, Chilean Financial Institutions have invested more than US$ 3.2 bn in the Indian Financial sector," the MEA states.

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