The most important sectors that can be tapped are minerals, hydrocarbons, engineering, IT, science & technology etc., he added. Shri Sharma mentioned that realizing the importance of the Latin America and Caribbean, Indian Government had initiated a programme called “FOCUS: LAC” which provides a number of incentives and financial assistance for supporting and encouraging Indian exporters / companies to boost our trade to the LAC region in which Peru is a major partner.

Interacting with the visiting Minister, Shri Sharma said that Peru is currently India’s eight largest trading partners in the Latin America. The total bilateral trade between the two countries in 2009-10 was approx US $ 411 million. India’s exports to Peru were US $ 274.28 million and imports from Peru were US $ 136.62 million. Shri Sharma informed that although India’s trade with Peru is on the lower side, the total trade has increased by approximately 283% from US $ 107.32 million in 2005-06 to US $ 411 million in 2009-10.

India’s exports to Peru mainly comprise of drugs & pharmaceuticals, organic & inorganic chemicals, cosmetics & toiletries, rubber products, bicycles, motorcycles, machinery & instruments, transport equipment, textiles including ready-made garments, jute manufactures, handicrafts, etc. India’s main items of imports from Peru are refined copper wires & minerals, zinc concentrates and manufactures, fish meal, tanning material, wood and wood products, etc.