29 April 2022
HA RI SESHASAYEE 5 Economic Diplomacy: The Foundation of India-Latin America ties The historical linkages between India and Latin America remain few and far between–limited as they were to the exchanges between the Portuguese colonies of Brazil and the territory of Goa in India, the influence of Indian revolutionaries in Mexico such as MN Roy (founder of both the Indian and Mexican Communist Parti. [...] IT and technology: At the center of India’s growth story are the economic reforms in the 1990s and the IT sector, which helped put the country on the global map. [...] The IT and ITeS sectors–the latter includes agricultural technology, financial technology, e-commerce and healthcare services–have been the mainstay of India’s economy over the past three decades, accounting for more than one-fifth of India’s GDP.26 Indian companies from the IT and ITeS sectors are major exporters and investors abroad, and they were among the first Indian companies to invest in La. [...] These Indian companies are driven to the region for two principal reasons: first, to diversify their global reach and capture a small chunk of the fast-growing Latin American services market; second, they are attracted by the large and growing talent pool of young graduates (the median age of the population in the Latin American region is a young 31, in contrast to 43 in Europe and 38 in the Unite. [...] Nearly all of South America (with the exception of Colombia and Ecuador) trades more with China than they do with the United States; Mexico, Central America, and the Caribbean (with the exception of Cuba) all trade more with the United States than they do with China.41 In the political and diplomatic arena, the Chinese have recently managed to get five Latin American countries—Costa Rica, the Domi.