• The presence of the largest-ever business delegation from India has significantly bolstered trust among Guatemala buyers

GUATEMALA CITY (TIP): India’s proactive outreach has sparked significant interest among Indian companies, leading to a notable uptick in bilateral trade and a surge in the exchange of trade delegations. Following successful visits by a 15-member delegation from The Plastic Export Promotion Council (Plexconcil) in November 2023 and a 20-member delegation from the Federation of Indian Export Organizations (FIEO), Guatemala witnessed the arrival of a massive 92-member delegation, comprising 74 companies from The Pharmaceuticals Export Promotion Council of India (Pharmexcil), on 19-20 February 2024. This delegation conducted a series of highly productive Business-to-Business meetings with local companies at the Westin Camino Real Hotel in Guatemala City. Notably, this delegation marks the largest-ever visit to the Latin American region by Pharmexcil, unlocking vast opportunities for collaboration and economic growth.

The Pharmaceuticals Export Promotion Council of India (Pharmexcil) plays a pivotal role in promoting and facilitating India’s pharmaceutical exports on the global stage. As the apex body representing the Indian pharmaceutical industry, Pharmexcil functions under the Ministry of Commerce and Industry, Government of India. Its primary objective is to enhance the competitiveness of Indian pharmaceutical products in international markets while ensuring compliance with global regulatory standards. Pharmexcil provides a range of services to its members, including market intelligence, trade facilitation, regulatory guidance, and promotional activities. Through its concerted efforts, Pharmexcil serves as a catalyst for driving the growth of India’s pharmaceutical exports, contributing significantly to the country’s economy and strengthening its position as the ‘Pharmacy of the World’.

Guatemala has emerged as India’s largest trading partner in the Central American region, with bilateral trade reaching US$573.21 million in the 2021-22 period. This trend has continued to strengthen, with bilateral trade increasing to US$693 million in the 2022-23 period, indicating a notable upward trajectory. India’s pharmaceutical exports to Guatemala have been witnessing significant growth in recent years. With India being one of the world’s leading producers of high-quality generic medicines at competitive prices, its pharmaceutical products have gained traction in the Guatemalan market. These exports encompass a wide range of pharmaceutical formulations, including generic drugs, active pharmaceutical ingredients (APIs), formulations, and medical devices. Such exchange of trade delegations and participation in business-to-business meetings have been instrumental in enhancing collaboration and exploring new avenues for pharmaceutical trade between the two countries.

Pharmexcil launched its campaign in Guatemala in collaboration with the Chamber of Commerce of Guatemala, with approximately 175 Guatemalan companies participating in the Business-to-Business meetings on both days. The event was also attended by some Honduran companies. The inaugural ceremony was graced by Ambassador Dr. Manoj Kumar Mohapatra, Mr. Julio Eduardo Orozco, Vice Minister of Foreign Affairs of Guatemala, Francis Garnica, Executive Director of MINECO’s National Competitiveness Program Ministry of Economy, and Ms. Lakshmi Prasanna, Director-Regulatory Affairs, Pharmexcil. The inaugural event featured presentations by Ms. Karem Sagastume from the Department of Regulation and Control of Pharmaceuticals and Related Products of the Ministry of Health, Sr. Eduardo Cheves, Investment Attraction Specialist for Pharmaceuticals & Medical Devices, and Ms. Jennifer Lobos from the National Competitiveness Program (PRONACOM). Mr. Udaya Bhaskar, Director-General of the Pharmaceuticals Export Promotion Council of India, delivered his recorded remarks virtually. Ms. Lakshmi Prasanna, Director-Regulatory Affairs, Pharmexcil, delivered a presentation outlining the organization’s approach and future prospects. The delegation received an overwhelming response from local companies, demonstrating their keen interest in partnering with visiting countries. Delegation members also had the opportunity to interact with Guatemala’s apex health authorities such as UNOPS and IGGS to gain insights into trade regulations for pharmaceuticals and medical devices and discussed ways to enhance bilateral trade relations.

In his welcoming address, Ambassador Dr. Manoj Kumar Mohapatra underscored the significant presence of Indian pharmaceutical companies in Guatemala and India’s steadfast commitment to supporting healthcare facilities in the Central American region. He highlighted Guatemala’s strategic geographical location in Central America, which presents an opportunity for India to enhance its economic engagement with other nations in the region. Dr. Mohapatra expressed hope for future cooperation between India and Guatemala to leverage their unique ecosystems, including a plethora of endemic species, for traditional and generic medicines. He extended congratulations to Pharmexcil for spearheading the largest-ever delegation to the region and conveyed his best wishes to Indian companies in their efforts to foster greater business opportunities in Guatemala.

During his virtual interaction, Shri Uday Bhaskar, Director General of Pharmexcil, underscored the pivotal role of Indian Pharma globally, particularly during the COVID-19 pandemic. He emphasized the significant presence of Indian pharmaceutical companies in Latin America, highlighting Guatemala’s emergence as a crucial market for these companies. This recognition underscores the importance of Guatemala in the broader context of Indian pharmaceutical exports to the region, reflecting the growing significance of the country as a strategic market for Indian pharmaceutical products.

The B2B Meetings facilitated exploration of potential trade opportunities, allowing businesses from both countries to identify areas of mutual interest and collaboration. The delegation gained insights of Guatemalan markets, helping them understand regulatory environments, consumer behavior, and market trends, which is crucial for successful market entry. These meetings can not only serve as a forum to promote investment opportunities, encouraging businesses to invest in each other’s countries and contribute to economic growth but also provide a platform for networking, enabling companies to connect with potential partners, suppliers, and distributors, thereby expanding their business networks. Embassy of India in Guatemala looks forward to many more such visits in future to enhance the trade relations between Indian and these Central American Countries.