New Delhi: Ministry of External Affairs Secretary (Economic Relations) Dammu Ravi in a meeting with a trade delegation led by Commerce Secretary of Chile Sebastián Gómez discussed concerns related to diversifying trade baskets, investment opportunities and exchange of business delegations in a meeting on Wednesday.

Taking to his official Twitter handle, Ministry of External Affairs official spokesperson Arindam Bagchi said, "Secretary (ER) Dammu Ravi held a meeting with a trade delegation led by Commerce Secretary Sebastián Gómez of Chile today. Discussions covered matters related to diversifying trade basket, investment opportunities and exchange of business delegations."

Earlier this year in March, India and Latin American country Chile exchanged views on regional and multilateral issues at the 8th Foreign Office Consultation.

Ministry of External Affairs Secretary (East) Saurabh Kumar also discussed cooperation in wide-ranging areas including trade, tech, renewable, space, mining, and education with Secretary General for Foreign Policy of Chile Alex Wetzig Abdale.

The Chilean Ambassador also met External Affairs Minister S Jaishankar, who discussed intensifying the bilateral political and economic cooperation.

Recently in February 2023, Cabinet approved the signing of an MoU between India and Chile for cooperation in the field of agriculture and allied sectors.

India-Chile relations are characterized by warmth, friendship and commonality of views on a wide range of issues.

India’s exports to Chile have been growing since 2009, with the exception of a slight decrease in 2014, when a new carbon tax on diesel vehicles in Chile adversely affected motor vehicle exports from India, but this sector has seen a big recovery, according to the Ministry of External Affairs.

Chilean exports to India have also increased, though there was a slump in 2015 and 2016 due to the impact of low copper prices, the major export item in Chile’s basket.

In the last two years, there have been many visits from India to hold BSMs/B2B meetings, participate in trade fairs, and organize road shows in the areas of pharma, apparel, handicrafts, leather, chemicals and allied products, sports goods, information technology, tourism, etc.

As far as Indian investment in Chile is concerned, based on the information given by various companies, it amounts to about USD 216.25 million. Many Indian companies have entered the Chilean market. Some have acquired Chilean companies, others have entered into joint ventures or collaborations, and some have expanded their operations significantly in the last three years, the Ministry of External Affairs said.