"What LAC countries need to discover is the attractiveness of the market here and in particular manufacturing. That is where Indian market is ideally placed to receive investments," Secretary in the Department of Industrial Policy and Promotion (DIPP) Saurabh Chandra said here at a CII function.
Vice President of Ecuador Jorge Glas Espinel is leading a 250 member business delegation from LAC here. The delegation would also visit Mumbai.
Chandra briefed the business community about the National Manufacturing Policy (NMP) of the country which provides incentives and huge opportunities for overseas investors.
The government has been taking several steps to increase the share of the manufacturing sector in the GDP to at least 25 per cent by 2020 from the present 16 per cent.
In this regard, NMP was announced recently, which provides for National Manufacturing and Investment Zones, a mega industrial zone with world class supporting infrastructure. The NMP proposes to create 100 million jobs by 2020.
The Secretary said India is working on four industrial corridors - Delhi Mumbai Industrial Corridor, Chennai Bangalore Industrial Corridor, Bengaluru-Mumbai Economic Corridor and Amritsar-Kolkata Industrial Corridor - and investors can explore business opportunities in these areas as well.
Besides, he said India and LAC region can also increase cooperation in intellectual property regime.
"India has lot to offer in that and working together in that regime would benefit both the sides," he added.
He said multi-national firms like Glaxosmithkline and Unilever have presence in India and their increasing investments in the country shows "their faith in the bright future of India".
Consultancy firm E&Y has ranked India as the most attractive investment destination followed by Brazil and China at second and third positions, respectively.
As the US and Europe are impacted by the global economic slowdown, India has started exploring trade and investment opportunities in the LAC region.