India- Latin America trade HQ to be set up in Chennai
The chamber has now announced a renewed focus on Tamil Nadu to facilitate up to $40 million in investment from Latin America, particularly in sectors like agri-processing, renewable energy, and manufacturing.
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CHENNAI: India’s trade with Latin America stood at approximately $20 billion in 2024-25, with major sectors including pharmaceuticals, engineering goods, agriculture, and IT, according to the Indo-Latin American Chamber of Commerce (ILACC).
The chamber has now announced a renewed focus on Tamil Nadu to facilitate up to $40 million in investment from Latin America, particularly in sectors like agri-processing, renewable energy, and manufacturing.
The plans were outlined at the Horizon 2025 conclave in Chennai, which marked the launch of ILACC’s South India chapter, headquartered in the city. While the $40 million figure is a target and not yet a committed inflow, ILACC said that it was working on MoUs and investor dialogues to move toward it.
“We see South India as a critical region with industrial capacity and global outlook. Tamil Nadu, especially with its port access and policy environment, can lead in Indo-Latin trade integration,” said Shakthivel, newly appointed president of the South India chapter. “We’ll focus on sector-specific matchmaking, trade facilitation, and outreach for MSMEs.”
ILACC founder and national president Rajkumar Sharma said that India accounted for just 2% of Latin America’s imports, underlining major untapped potential. “We’re working to transition the current Preferential Trade Agreement (PTA) to a Free Trade Agreement (FTA) framework. That’s a key priority,” he added.
Minerals for EVs, particularly lithium from Argentina, Bolivia, and Chile, were a recurring theme during the conclave. “These partnerships can power India’s EV ecosystem, while offering Latin America a reliable market,” Sharma said.
They also assured that the balance currently tilted in India’s favour, but that ILACC was pushing for more mutually beneficial arrangements, not just export dominance. The chamber is also engaging with several Latin American governments to simplify visa procedures for Indian entrepreneurs, particularly for medium and small enterprises.
The event saw participation from diplomats and trade envoys from nine Latin American countries, including Uruguay, Argentina, Chile, Venezuela, Peru, El Salvador, Cuba, Honduras, and Paraguay. Chief guest HE Alberto Antonio Guani Amarilla, Ambassador of Uruguay and GRULAC coordinator, said the platform represented “a meaningful step toward integrating our economies through dialogue and enterprise”.
The chamber also noted that several of its members have accessed central government schemes such as the Production Linked Incentive (PLI) programme, with ILACC providing support in documentation and policy navigation.
