Amid global volatility, developing nations must build reliable supply chains: Jaishankar

He also said that the cost of borrowing, particularly for developing countries, has been exorbitant. “This challenging backdrop is the reality that we must recognise as we explore new forms of cooperation… There is a need to de-risk the global economy from the dangers of over-concentration in any single geography. But we also need to build reliable and resilient supply chains,” he said.

Jaishankar added that India’s collaboration with Latin America and the Caribbean must address the needs of health security. “Now, both Covid and conflict have brought home to us the importance of food security… Latin America and the Caribbean have the ability to serve as a bread basket, not just for themselves but for the entire world,” said the minister, highlighting the potential for collaboration in health, food and energy security.

A day earlier at the event, Minister of State in the Ministry of External Affairs, Pabitra Margherita, recalled his recent visit to the region — Uruguay, Bahamas, Barbados and Nicaragua. “Over the past years, India’s engagement with LAC has reached unprecedented levels, reflecting in multiple high-level visits from Indian political, business and cultural delegations to the region and reciprocal visits from there,” he said.

In the last few months, foreign ministers of Panama, Brazil, Chile, Argentina, St. Kitts and Nevis, have been to New Delhi, while India plans to open several new missions in the region. In November 2024, Prime Minister Narendra Modi attended the 2nd India-CARICOM summit in Guyana, and a target of $100 billion for bilateral trade and commerce by 2027-28 has also been set.

India has a presence in almost every sector in the LAC region. Indian companies have invested over $15 billion in key sectors, including agriculture, energy, IT, pharmaceuticals, manufacturing and automobiles. Indian IT companies alone generate close to 40,000 jobs in the LAC region, officials said.