I visited the Iflex Hqrs in Bangalore on 29 Sept.
The building goes with the name... interesting architecture.
The company was started and is still run by professionals. They have achieved global leadership in their niche area of banking solutions with 660 customers in 120 countries.
i-flex began its operations in Latin America in 2002 with a small team of two people and has now 100 professionals working in the region, including a multinational mix of people from India, Colombia, Venezuela , Honduras, amongst others. They have 20 banks in the Latin American and Caribbean region as customers including Banco de Chile, Bladex, Sicredi, Citibank, Inverunion, PanCaribbean Financial Services, and FirstCaribbean International Bank.
Banco de Chile, one of their early customers selected i-flex to replace its entire core processing system and the project is currently underway in Chile. Likewise, Bladex of Panama, a leading 2nd tier bank in the region, selected their solutions to transform their core and business intelligence platforms.
To know more, visit: www.iflexsolutions.com
Friday, October 27, 2006
Sunday, October 22, 2006
Talk on Latin America at IIM Kolkata 2 November
My friends laughed... when I mentioned that I was going to give a talk at the IIM. They asked if i was inspired by a colourful politician who gave a talk at IIM recently.
It struck me. Surely the rustic wisdom of Bihar and the lusty Latin America add new dimensions to the otherwise staid and serious business of management. The first one is important to understand the growing rural market of India while the second one will help to reach out to the promising Latin American market. Understanding of the culture is the key to business success in both the cases.
Latin America can surely teach how to have fun and enjoy life to our young managers, who miss out on these, in their unrelenting pursuit of career glory. Salsa and Samba will reinvogorate the management mind.
Of course, our globalising managers need to understand the culture of Latin America to do business with this region which is becoming prosperous and stable and is offering opportunities for Indian business.
IIM Kolkata has a tie up with a management school in Rio and their delegation has come back from a successful trip to Latin America recently.
It struck me. Surely the rustic wisdom of Bihar and the lusty Latin America add new dimensions to the otherwise staid and serious business of management. The first one is important to understand the growing rural market of India while the second one will help to reach out to the promising Latin American market. Understanding of the culture is the key to business success in both the cases.
Latin America can surely teach how to have fun and enjoy life to our young managers, who miss out on these, in their unrelenting pursuit of career glory. Salsa and Samba will reinvogorate the management mind.
Of course, our globalising managers need to understand the culture of Latin America to do business with this region which is becoming prosperous and stable and is offering opportunities for Indian business.
IIM Kolkata has a tie up with a management school in Rio and their delegation has come back from a successful trip to Latin America recently.
Sunday, October 15, 2006
Mexican Printing Business delegation 18-23 october
This 9- member delegation will stay at taj mahal hotel, New Delhi. The programme is being arranged by the mexican Embassy. contact Luis Gerardo sec.comercial@gmail.com
CII organising meeting on 19 oct. contact Gunveena Chadha
Progr includes meeting with Federation of Printers and Printing machinery Association
Delegation List
Mr. Alfredo Virgen Vallado Director General of Educational Programs S.A. of C.V. and National President Canagraf
Mr. Carlos Almeida HerreraDirector General of Color Cuatro S.A. and National Vice President Canagraf
Prof. Marco Suárez Director General of Commercial Lithography S.A. and Advisory Secretary Canagraf
Mr. Arturo Adona Castro Director General de Cajas Micro, S.A. and National Ex-President Canagraf
Mrs. Maria de los Angeles Cuevas de Virgen Director General of Mexican Publidiza
Mr. Ricardo Macias González Director General of Canagraf
Mr. Eduardo Pérez Abarca Coordinator of Projects for Canagraf
Mr. Araceli Aguerre Balido
CII organising meeting on 19 oct. contact Gunveena Chadha
Progr includes meeting with Federation of Printers and Printing machinery Association
Delegation List
Mr. Alfredo Virgen Vallado Director General of Educational Programs S.A. of C.V. and National President Canagraf
Mr. Carlos Almeida HerreraDirector General of Color Cuatro S.A. and National Vice President Canagraf
Prof. Marco Suárez Director General of Commercial Lithography S.A. and Advisory Secretary Canagraf
Mr. Arturo Adona Castro Director General de Cajas Micro, S.A. and National Ex-President Canagraf
Mrs. Maria de los Angeles Cuevas de Virgen Director General of Mexican Publidiza
Mr. Ricardo Macias González Director General of Canagraf
Mr. Eduardo Pérez Abarca Coordinator of Projects for Canagraf
Mr. Araceli Aguerre Balido
Business with the New Latin America- book by Thomas Becker
Doing business in the New Latin America
a guide to cultures, practices and opportunities
by Thomas Becker- 2004
The title of the book is self explanatory. I finished the book(230 pages) in two sittings today. The reason is obvius. The subject is dear to my mind and heart. While many conclusions of the author are similiar to mine, I learnt some new things particularly on the historical roots of Latino business culture.
It is meant for the Americans, who have stereotyped vision about Latin America.
It is useful for the Indian businessmen too.
The author brings out the emerging new Latin America breaking free from its forgettable past.
He is optimistic about the new latino mindset driving politics and business of the region.
The author has dug into the historical reasons for the difference in business approach of Latinos from those of Americans. he has traced it to the Iberian colonial mindset, vertical hierarchy, influence of the sword and cross, unrealistic and rigid royal rules to be flouted in practice and the civil law deriving from the Romans and Napoleonic code. The last is important since it limits what is permissible as those predefined. But in the common law followed in Anglo American world, the right to act exists unless otherwise specified.
The author has vividly portrayed the cultural dimension of latino business. some highlights:
- language of latinos has two more forms besides the verbal. watch out for silence and the body language.
-manana does not mean tomorrow. It means not today.
-Negocios ( business) in spanish means denial of leisure (nego- denial, ocios-leisure).
-trust and face saving more important than a piece of paper called as contract.
- time is construed as cyclical ( another opportunity might come!) by latinos while Americans take it as linear.
- negotiations are spontaneous and impulsive.
I will recommend this book for the Indian businessmen pursuing opportunities in Latin America.
a guide to cultures, practices and opportunities
by Thomas Becker- 2004
The title of the book is self explanatory. I finished the book(230 pages) in two sittings today. The reason is obvius. The subject is dear to my mind and heart. While many conclusions of the author are similiar to mine, I learnt some new things particularly on the historical roots of Latino business culture.
It is meant for the Americans, who have stereotyped vision about Latin America.
It is useful for the Indian businessmen too.
The author brings out the emerging new Latin America breaking free from its forgettable past.
He is optimistic about the new latino mindset driving politics and business of the region.
The author has dug into the historical reasons for the difference in business approach of Latinos from those of Americans. he has traced it to the Iberian colonial mindset, vertical hierarchy, influence of the sword and cross, unrealistic and rigid royal rules to be flouted in practice and the civil law deriving from the Romans and Napoleonic code. The last is important since it limits what is permissible as those predefined. But in the common law followed in Anglo American world, the right to act exists unless otherwise specified.
The author has vividly portrayed the cultural dimension of latino business. some highlights:
- language of latinos has two more forms besides the verbal. watch out for silence and the body language.
-manana does not mean tomorrow. It means not today.
-Negocios ( business) in spanish means denial of leisure (nego- denial, ocios-leisure).
-trust and face saving more important than a piece of paper called as contract.
- time is construed as cyclical ( another opportunity might come!) by latinos while Americans take it as linear.
- negotiations are spontaneous and impulsive.
I will recommend this book for the Indian businessmen pursuing opportunities in Latin America.
Wednesday, October 04, 2006
Business Visas for Central America
good news !
Honduras and Guatemala have agreed to give visas for Indian bz visitors, without the need for prior approval from their immigration depts and foreign offices. Prior approval used to take lot of time earlier .
Of course, they do not have embassies in India. But visa application can be made in their embassies in other countries.
Costa Rica has announced that Indian bz visitors do not need visas for entry. Ideal solution !
Credit for this goes to Ambassdor Tomar in Panama, who has been pursuing this vigorously.
We are hoping that Nicaragua and El salvador will also follow this lead soon. There is still no success with panama, which takes months for prior approval for issue of visa. There is also problem with Belize, which has onerous conditions for visa. For belize, visa application can be made with the British High Commission in India.
Honduras and Guatemala have agreed to give visas for Indian bz visitors, without the need for prior approval from their immigration depts and foreign offices. Prior approval used to take lot of time earlier .
Of course, they do not have embassies in India. But visa application can be made in their embassies in other countries.
Costa Rica has announced that Indian bz visitors do not need visas for entry. Ideal solution !
Credit for this goes to Ambassdor Tomar in Panama, who has been pursuing this vigorously.
We are hoping that Nicaragua and El salvador will also follow this lead soon. There is still no success with panama, which takes months for prior approval for issue of visa. There is also problem with Belize, which has onerous conditions for visa. For belize, visa application can be made with the British High Commission in India.
Friday, September 29, 2006
Latin America Seminar at Bangalore, 29 september
I was the key-note speaker in the seminar. I spoke about the change of mindset of bz and political leaders of India and latin america, which has opened up tremendous opportunities for trade and investments.
-The trade of 6.2 billion dollars in 2005 could be doubled in the next three years. The growth in the coming years is going to be quantum jumps and not just incremental.
-More than trade, the investment of indian cos in latin america have reached close to 3 billion dollars, with plans for additional investment of another billion in the next two years.
- Latest investment is by BEML in Rio de janeiro in a plant for production of railway wagons, mining and earth moving equipments. The 20 million dollar investment in the plant will make it a platform for exports to the other markets of latin america as well.
-Indian brands such as Reliance, Tata, Mahindra, Mittal, Essar, Jindal, bajaj, Thermax, Praj, Maruti are well established and recognised in the region, opening the doors for the entry of other Indian cos.
- Engg products are the leading items of export to mexico and central america, while chemicals and pharma are the main exports to Brazil and south America.
-The exporters should participate in sectoral fairs in sao paulo and mexico, as well as in ITPO fair in march 2007 in sao paulo.
-The exporters should have three distinct strategies for the three different markets of large ( brazil, mexico and argentina), medium size countries( colombia, chile etc) and small markets of central america and caribbean.
-Finally I gave an overview of the latin American market which is becoming stable and prosperous.
The Chilean Ambassador Jorge Heine, Miss Canela from Dominican Republic Embassy and Mr Alonso Gortari, Director General of Foreign Economic Relations of the Mexican foreign office gave presentations on their markets.
Eximbank and ECGC representatives gave details of their schemes for supporting exports to latin america.
Jibu mathew of UL India Ltd gave a useful presentation on the certifications and standards required in the latin american market. His contact: jibu.mathew@in.ul.com and www.ul-asia.com
Deepak Kumar of UTI worldwide spoke about logistics for trade with latin america. contact: dkumar@go2uti.com
I was surprised by the punctuality of the audience, despite the notorious bangaore trafic jams. The 100 plus exporters arrived and took seats well before the starting of the function at 10.45 am. Good bye to IST ( Indian Stretchable Time ) and welcome to the new business mindset, which values time !
During the function, Dr Ravichandran , secy- general of Indo-latin American chamber of commerce , Chennai presented to me a copy of his Ph.D thesis " Differentiated market strategies for business with latin america". He has generously acknowledged my "guidance, advice, inputs and support" for his research.
The seminar was held at Hotel Capitol, Bangalore by EEPC , southern regional office. Credit for the success of the event goes to Ganesan of EEPC Chennai.
Tuesday, September 26, 2006
CII meeting with Mexican business delegation
This meeting on 26 September, was with the business delegation lead by the Vice Minister of Small Scale Industries, currently visiting India.
The Minister highlighted the growing strength of mexican economy.
- inflation is just 3 percent.
- interest rate 7.3 percent. This is important since interest rates are generally high in other countries of the region and especially in Brazil, where the primary rate is double that of Mexico.
-Fiscal deficit nearing zero
-country risk is a historic low of 111 basic points. In the case of Brazil it is 222 and Argentina 324.
- Forex reserves at a high of 80 billion dollars.
- Mexico has signed FTAs with 43 countries in the world, the largest
The political economy in the next six years is going to be better with the pro-business Felipe Calderon taking over as president on 1 December.
Mexico is expected to take part in the International Engg Fair of CII in feb 2007.
I advised CII to take a bz delegation to mexico, as was done by them in the case of Brasil earlier this month.
The meeting was chaired by Mr Amitabh of Aditya Birla group, which is setting up a carbon black plant in mexico and has other investment plans.
This is the first visit of a software delegation from mexico, which is a virgin mkt for our IT bz.
here is the contacts of some of the mexican delegates and their interests:
1 Eduardo Ruiz Esparza
Director General
IDZ Online
RFID – Tecnología
0181 8363 7260 cel 0181 1277 1508
eesparza@rfidmx.com
Monterrey NL
Small
IDZ is the most active RFID research and development center in Latin America, integrated by a multidisciplinary and RFID certified team with expertise in native and enabled solutions for all stages of RFID projects. We offer: staff outsourcing, consulting services, and build solutions.
Alliances, Developers
2 Dr. Jorge Alonso
Border Tech / Ceni2t
Innovation Center for the Development of Embeded software, Biotecnology, Micro Electronics Projects
664 674 5074
jorge@ceni2t.org
Ensenada, B.C.
Medium
Research and Development in Wireless, software, Biotecnology, Micro Electronics
CENI2T is an innovation center for the development of knowledge-based value. Our main service provides a high-profile research and technical team for the development of intellectual property in high tech projects such as: semiconductors, MEMS, wireless, sensors, biotech, pharmaceutical, embedded software, and IT. A key benefit is supplying the teams, facilities, processes, and infrastructure that our clients need, at a much lower cost than the United States.
Alliances with Research Centers and Innovation Centers.
3 Ing. Mauricio Santillan
Director General
Visionaria
IT Business Consulting
55 5093 0900
mailto:mauricio.santillan@visionaria.com
México, D.F.
Medium
Consulting to High Tech Small and Médium Companies to acellerate their process to introduce new technologies to the market, quality control and Business Models.
Venture Capital Fund in the high tech industry based in Mexico. Provide business acceleration consulting services to small and medium companies. Attract and develop small and medium companies creating ecosystems to cover specific vertical markets i.e. Government, Health, Information technology and banking. Also provides headhunting services for the IT industry in Mexico
Looking for companies interested in landing high tech products in Mexico. Willing to explore investment ventures in Mexico
4 Ing. Claudio Arriola
Director General
Grupo Logistico Mexicano
Logistics
664 647 5787
claudio.arriola@glmex.com
Tijuana, B.C.
Micro
Logistics services to maquiladora companies around the world
Technology and Logistics Software
5 Dr. Raúl Carvajal
Innovation in Small and Medium Size Technology Companies
FUMEC
IT
55 5200 0589
rcarvajal@fumec.org
emondragon@fumec.org
México, D.F.
Medium
India Technology Maps, to have a clear vision of the IT nitch markets and business opportunity areas.
6 Ing. Eduardo Valtierra Padrón
Presidente
CANIETI Noroeste
Electronics, Telecomm and IT
664 686 6646
presidente@canieti.org eduardo@valtierra.com.mx
Tijuana, B.C.
Micro
Education and Certification programs in IT and Multimedia
Educational Software
The Minister highlighted the growing strength of mexican economy.
- inflation is just 3 percent.
- interest rate 7.3 percent. This is important since interest rates are generally high in other countries of the region and especially in Brazil, where the primary rate is double that of Mexico.
-Fiscal deficit nearing zero
-country risk is a historic low of 111 basic points. In the case of Brazil it is 222 and Argentina 324.
- Forex reserves at a high of 80 billion dollars.
- Mexico has signed FTAs with 43 countries in the world, the largest
The political economy in the next six years is going to be better with the pro-business Felipe Calderon taking over as president on 1 December.
Mexico is expected to take part in the International Engg Fair of CII in feb 2007.
I advised CII to take a bz delegation to mexico, as was done by them in the case of Brasil earlier this month.
The meeting was chaired by Mr Amitabh of Aditya Birla group, which is setting up a carbon black plant in mexico and has other investment plans.
This is the first visit of a software delegation from mexico, which is a virgin mkt for our IT bz.
here is the contacts of some of the mexican delegates and their interests:
1 Eduardo Ruiz Esparza
Director General
IDZ Online
RFID – Tecnología
0181 8363 7260 cel 0181 1277 1508
eesparza@rfidmx.com
Monterrey NL
Small
IDZ is the most active RFID research and development center in Latin America, integrated by a multidisciplinary and RFID certified team with expertise in native and enabled solutions for all stages of RFID projects. We offer: staff outsourcing, consulting services, and build solutions.
Alliances, Developers
2 Dr. Jorge Alonso
Border Tech / Ceni2t
Innovation Center for the Development of Embeded software, Biotecnology, Micro Electronics Projects
664 674 5074
jorge@ceni2t.org
Ensenada, B.C.
Medium
Research and Development in Wireless, software, Biotecnology, Micro Electronics
CENI2T is an innovation center for the development of knowledge-based value. Our main service provides a high-profile research and technical team for the development of intellectual property in high tech projects such as: semiconductors, MEMS, wireless, sensors, biotech, pharmaceutical, embedded software, and IT. A key benefit is supplying the teams, facilities, processes, and infrastructure that our clients need, at a much lower cost than the United States.
Alliances with Research Centers and Innovation Centers.
3 Ing. Mauricio Santillan
Director General
Visionaria
IT Business Consulting
55 5093 0900
mailto:mauricio.santillan@visionaria.com
México, D.F.
Medium
Consulting to High Tech Small and Médium Companies to acellerate their process to introduce new technologies to the market, quality control and Business Models.
Venture Capital Fund in the high tech industry based in Mexico. Provide business acceleration consulting services to small and medium companies. Attract and develop small and medium companies creating ecosystems to cover specific vertical markets i.e. Government, Health, Information technology and banking. Also provides headhunting services for the IT industry in Mexico
Looking for companies interested in landing high tech products in Mexico. Willing to explore investment ventures in Mexico
4 Ing. Claudio Arriola
Director General
Grupo Logistico Mexicano
Logistics
664 647 5787
claudio.arriola@glmex.com
Tijuana, B.C.
Micro
Logistics services to maquiladora companies around the world
Technology and Logistics Software
5 Dr. Raúl Carvajal
Innovation in Small and Medium Size Technology Companies
FUMEC
IT
55 5200 0589
rcarvajal@fumec.org
emondragon@fumec.org
México, D.F.
Medium
India Technology Maps, to have a clear vision of the IT nitch markets and business opportunity areas.
6 Ing. Eduardo Valtierra Padrón
Presidente
CANIETI Noroeste
Electronics, Telecomm and IT
664 686 6646
presidente@canieti.org eduardo@valtierra.com.mx
Tijuana, B.C.
Micro
Education and Certification programs in IT and Multimedia
Educational Software
Sunday, September 24, 2006
ECLAC report on the importance of India for Latin America
The september 2006 report of UN Economic Commission for Latin America and Caribbean, based in Santiago, attaches importance to India and China for the exports of Latin American countries. It has dedicated one whole chapter on this out of the total of six chapters on its report "Latin America and caribbean in the world economy"
Here is what they have said:
-The robust growth occuring in China and india is of great importance to the world economy and in particular for latin America and caribbean.
- India has already concluded trade agreements with Mercosur and Chile. South America should consolidate this trend by further strengthening its trade links based on greater productive complementarity with both China and India, creating the necessary trade and technology partnerships.
- For Mexico and Central America to attain more strategic relations with China and India, the ECLAC report suggests that increased intra-industry trade. This could open new access routes to Asian markets and foster incorporation of new technologies, rather than compete face-to-face in third markets like the United States.
-Latin America should take advantage of the opportunities offered by both China and India to enter existing production and distribution chains. One way of achieving this is through trade agreements with both countries. In this respect, the agreement already signed by Chile and China and the agreement negotiated between India and Mercosur are promising, but require more depth and wider scope.
ECLAC has noted that 30 percent of world trade growth last year has come from India and China.
Here is what they have said:
-The robust growth occuring in China and india is of great importance to the world economy and in particular for latin America and caribbean.
- India has already concluded trade agreements with Mercosur and Chile. South America should consolidate this trend by further strengthening its trade links based on greater productive complementarity with both China and India, creating the necessary trade and technology partnerships.
- For Mexico and Central America to attain more strategic relations with China and India, the ECLAC report suggests that increased intra-industry trade. This could open new access routes to Asian markets and foster incorporation of new technologies, rather than compete face-to-face in third markets like the United States.
-Latin America should take advantage of the opportunities offered by both China and India to enter existing production and distribution chains. One way of achieving this is through trade agreements with both countries. In this respect, the agreement already signed by Chile and China and the agreement negotiated between India and Mercosur are promising, but require more depth and wider scope.
ECLAC has noted that 30 percent of world trade growth last year has come from India and China.
Saturday, September 23, 2006
Visit of Chemexil delegation to Latin America 19 Nov - 3 Dec
This delegation of 16 chemicals and basic pharma exporters will visit
mexico - 19-20 Nov
Venezuela - 21-23 Nov
Chile - 24-29 Nov
argentina- 28-29 Nov
Brazil 29 Nov - 3 dec
Chemicals and pharma are the leading items of exports of india to Latin America.
mexico - 19-20 Nov
Venezuela - 21-23 Nov
Chile - 24-29 Nov
argentina- 28-29 Nov
Brazil 29 Nov - 3 dec
Chemicals and pharma are the leading items of exports of india to Latin America.
IMF forecast for Latin America
According to the latest IMF forecast, economic growth in the region will be around 4.8 percent, better than the previous prediction of 4.1 percent. Growth in 2007 is projected to be 4.2 percent. This makes five consecutive years of continuous growth for the region, a kind of record and indicative of the new paradigm of stability and growth of the region. In 2005 growth was 4.3 percent.
This year, Argentina's economy will expand 8 percent, Venezuela's will grow 7.5 percent, Mexico 4 percent and Brazil 3.6 percent.
The economies have been buoyed by a surge in revenue from commodities exports such as oil and copper after prices touched a record this year.
Average inflation will slow to 5.6 percent in 2006 and 5.2 percent next year, from 6.3 percent in 2005.
The good performance of Latin American economies in 2006 and promise in 2007 and in the near term are good news for Indian exports.
According to IMF report of September 2006, following is the
GDP ranking. Figures in billion dollars.
Brazil - $966.8, Mexico - $811.3 , Argentina - $219.6 , Venezuela - $164.4 , Chile - $140.4 Colombia - $129.4 , Peru - $89.3 , Ecuador - $41.3 , Guatemala - $29.7 , Dom. Rep. - $28.5 Costa Rica - $21.4, Uruguay - $18.6 , El Salvador - $18.2 , Panama - $16.9, Bolivia - $10.3 Honduras - $9.0, Paraguay - $8.6, Nicaragua - $5.4 , Haiti - $4.3
GDP Per Capita Ranking
Chile-$8,569, Mexico-$7,593, Venezuela-$6,098, Uruguay-$5,809, Argentina-$5,745 Brazil-$5,176, Panama-$5,139, Costa Rica-$4,874 , Dom. Rep.-$3,291, Peru-$3,151 Ecuador-$3,081 , Colombia-$2,763, El Salvador-$2,602, Guatemala-$2,107 , Paraguay-$1,460 , Honduras-$1,217 , Bolivia-$1,075 , Nicaragua-$908 , Haiti-$505
This year, Argentina's economy will expand 8 percent, Venezuela's will grow 7.5 percent, Mexico 4 percent and Brazil 3.6 percent.
The economies have been buoyed by a surge in revenue from commodities exports such as oil and copper after prices touched a record this year.
Average inflation will slow to 5.6 percent in 2006 and 5.2 percent next year, from 6.3 percent in 2005.
The good performance of Latin American economies in 2006 and promise in 2007 and in the near term are good news for Indian exports.
According to IMF report of September 2006, following is the
GDP ranking. Figures in billion dollars.
Brazil - $966.8, Mexico - $811.3 , Argentina - $219.6 , Venezuela - $164.4 , Chile - $140.4 Colombia - $129.4 , Peru - $89.3 , Ecuador - $41.3 , Guatemala - $29.7 , Dom. Rep. - $28.5 Costa Rica - $21.4, Uruguay - $18.6 , El Salvador - $18.2 , Panama - $16.9, Bolivia - $10.3 Honduras - $9.0, Paraguay - $8.6, Nicaragua - $5.4 , Haiti - $4.3
GDP Per Capita Ranking
Chile-$8,569, Mexico-$7,593, Venezuela-$6,098, Uruguay-$5,809, Argentina-$5,745 Brazil-$5,176, Panama-$5,139, Costa Rica-$4,874 , Dom. Rep.-$3,291, Peru-$3,151 Ecuador-$3,081 , Colombia-$2,763, El Salvador-$2,602, Guatemala-$2,107 , Paraguay-$1,460 , Honduras-$1,217 , Bolivia-$1,075 , Nicaragua-$908 , Haiti-$505
Latest Indian investments in Latin America
ONGC Videsh Ltd ( OVL ) has acquired an oilfield in Colombia for 425 million dollars this month. They bought this from from a private company. OVL bought this oilfield in a joint venture with a Chinese oil company who paid another 425 million dollars. If u cannot beat them , join them !!! The oil field is already producing about 20,000 bpd and has the potential to yield upto 60,000 bpd.
Earlier, Reliance had acquired 2 off-shore blocs in the pacific side of Colombia for exploration.
In April 2006, OVL bought an offshore oil field in Brazil for over 400 million dollars.
OVL signed a contract with the Cuban government for exploration in 2 offshore oil blocks. OVL has also got a 30 percent share in six other Cuban offshore blocks in the consortium lead by Repsol.
BEML signed a MOU on 12 Sept with CCCE a Brazilian company for setting up a plant for production of railway wagons, mining and earthmoving equipments, near Rio. BEML will invest about 20 million dollars in this venture. The railway wagons will be supplied to CVRD, the Brazilian mining company. BEML will use the Rio plant as a platform for exports to the whole of Latin America.
Reliance, Bajaj Hindustan ( has earmarked 500 million dollars and has already formed a Brazilian subsidiary ), Rajshree sugarmills, Renuka sugar mills and Godavari sugar mills and some Indian public sector oil cos are pursuing acquisition of sugar and ethanol plants and sugarcane estates in Brazil, which is a low-cost and high productive manufacturer of sugar and ethanol.
Wokhardt and Ajantha pharma are looking for acquisition of pharma cos in Brazil.
Bilcare, a pune-based pharma packaging company is planning to put up a greenfield plant to produce pharma packaging materials in Brazil. They already have plants in Singapore and USA. The young and visionary CEO Mr Bhandari wants to take his company to the top five in the world in the next few years.
Aditya Birla Group is on the look out for mining ventures in the region.
Earlier, Reliance had acquired 2 off-shore blocs in the pacific side of Colombia for exploration.
In April 2006, OVL bought an offshore oil field in Brazil for over 400 million dollars.
OVL signed a contract with the Cuban government for exploration in 2 offshore oil blocks. OVL has also got a 30 percent share in six other Cuban offshore blocks in the consortium lead by Repsol.
BEML signed a MOU on 12 Sept with CCCE a Brazilian company for setting up a plant for production of railway wagons, mining and earthmoving equipments, near Rio. BEML will invest about 20 million dollars in this venture. The railway wagons will be supplied to CVRD, the Brazilian mining company. BEML will use the Rio plant as a platform for exports to the whole of Latin America.
Reliance, Bajaj Hindustan ( has earmarked 500 million dollars and has already formed a Brazilian subsidiary ), Rajshree sugarmills, Renuka sugar mills and Godavari sugar mills and some Indian public sector oil cos are pursuing acquisition of sugar and ethanol plants and sugarcane estates in Brazil, which is a low-cost and high productive manufacturer of sugar and ethanol.
Wokhardt and Ajantha pharma are looking for acquisition of pharma cos in Brazil.
Bilcare, a pune-based pharma packaging company is planning to put up a greenfield plant to produce pharma packaging materials in Brazil. They already have plants in Singapore and USA. The young and visionary CEO Mr Bhandari wants to take his company to the top five in the world in the next few years.
Aditya Birla Group is on the look out for mining ventures in the region.
Friday, September 22, 2006
Chile overtakes Colombia in GDP
According to the latest World Economic Outlook from the International Monetary Fund, Chile's GDP has reached $140.4 billion, which is larger than the $129.4 billion economy of Colombia. The economy of Chile has become the fifth largest in latin America after Brazil, Mexico, Argentina and Venezuela. hmmm.. the population of Chile is just 15 million!
Chile has also passed Mexico as Latin America's top GDP per capita nation. Thanks to strong economic growth in the past two years, Chile is now the country in Latin America with the highest GDP per capita. Chile now has a GDP per capita of $8,569, a 20.3 percent increase from 2005. Mexico's GDP per capita is now $7,593, a 4.0 percent rise from 2005.
The Chilean economy is the most open, dynamic and transparent in latin America, with the strongest macroeconomic fundamentals. Fiscal and current account surpluses are sizeable. Their pension fund system is one of the best in the world. They have a single uniform tariff of just six percent for imports.
Chile has also passed Mexico as Latin America's top GDP per capita nation. Thanks to strong economic growth in the past two years, Chile is now the country in Latin America with the highest GDP per capita. Chile now has a GDP per capita of $8,569, a 20.3 percent increase from 2005. Mexico's GDP per capita is now $7,593, a 4.0 percent rise from 2005.
The Chilean economy is the most open, dynamic and transparent in latin America, with the strongest macroeconomic fundamentals. Fiscal and current account surpluses are sizeable. Their pension fund system is one of the best in the world. They have a single uniform tariff of just six percent for imports.
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