Region:
Asia
Category:
Economy
Article type:
Approaches

Challenges for Latin America and its role with India by 2020

Region:
Asia
Category:
Economy
Article type:
Approaches
Author/s:
By Dr. Christian W. Meniw
Publication date:
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The world is not for those who just speak, it is for those who make and build a better world, a fairer one for the rest. Let’s dream and get on with it, with the work, the future is just around the corner!

We are entering into a key moment for the emerging economies of Latin America due to two priority factors, first desalination of China's economy impacting on the international stock market and second the military problems in Middle East. This make us rethink where to aim because if China stops importing raw materials from our region to balance its economy significant negative consequences will bring to our regional economic engine. According in some way to what IMF estimates for instance making its prediction being reduced for economic growth not only the regional but also the global one, saying that the world economy would grow only 3.3 percent and Latin America’s economic expansion is from 0.5 to 1.7% by 2016.

On the other hand, we have India where its growth rates according to several financial institutions will be 10 percent annually from now to the next 20 years, and since this is the country with more growth in GDP make us conclude that this emerging country belonging to the BRICS economic bloc where the most emerging economies in the present are, can play an important role in our Latin American economies. As the Indian Ambassador Amarendra Khatua emphasizes in quite a few opportunities, where I had the possibility to accompany him making seminars or conferences, the need to build more institutions working for this growth and that stimulate both cultural and business exchange, investment and joint ventures. For this reason, Chambers of Commerce often can be used as a useful bridge to transmit knowledge about this market where we must aim to if we do not want to depend on the United States or China for our development. Now that the need to create institutions is considered to promote from Latin America with operational bases in India, you are probably wondering how to make them effective and why in many cases they do not operate as they should be. The answer is because of the lack of working actions and strategic plans where concrete plans are armed with the task of accomplishing them in a six month term. In addition, to build specific work schedule for each area where we need development and in turn what India needs, because despite of its growth in the next 20 years, the challenge for 2020 should be that our trade balance with India multiplies by five. Now it is currently of 47.000 million of dollars and the countries that have more trade with India in the region are Brazil, Mexico and Colombia among the most important countries to be highlighted in this article.

An American philosopher William James used to say a phrase outlining that the art of the wise man is to know what to overlook or not. Based on this, we can overlook issues that are not pertaining to the growth of our countries that only distract or confuse us as political debates for the auction of power that lead to nothing or take refuge in political positions for creating a vision. There are no magic formulas to boost growth in a country or region; our region needs investment and infrastructure and in turn exploiting natural resources for having a more balanced world as we are seeing in many parts of the world are running out of resources and our region has plenty of it -bad distributed or not exploited-; the secret to success in our region in relation to India and its challenges with it, will be to bring up a working program, to create more institutions as the one that will be created promptly in India with Latin America that will be the most promising one because all region will be united with India, and if concrete work plans are promoted and if all aim towards the same side we will have begun to change history for our continent and for India that needs a greater partnership with our region if its goal is to maintain the annual growth rate of 10 percent and thus if in 2050 wants to be the leader of the world economy. The year 2020 we will have a different reality to the present time, more connected to electronic devices, with a more virtual communication that is starting to be noticed with 4G mobile network and 4D printers that will change the global development of the industry, giving birth to a new industrial revolution, everything will be from Dubai Expo 2020.

The world is not for those who just speak, it is for those who make and build a better world, a fairer one for the rest. Let’s dream and get on with it, with the work, the future is just around the corner!