GUATEMALA CITY (TIP): India-Guatemala trade relations have steadily grown, reflecting a mutual commitment to economic collaboration. To promote this bilateral trade further, a delegation of 20 Indian companies led by Federation of Indian Export Organization (FIEO) is visiting Guatemala to interact with Local Guatemalan Companies in various Business to Business Meeting from 13-14 February 2024.
FIEO is an apex body of the Government recognized Export Promotion Councils, Commodity Boards and Export Development Authorities in India. It was set up in 1965 by Ministry of Commerce, Govt. of India to focus the efforts of all stakeholders engaged in promotion of trade from the country. FIEO exchanges business delegations, establishes MoUs with counterpart organizations overseas, and arranges exhibitions, catalogue shows abroad. It provides the crucial interface between International Trading community of India with the Central and State Governments, Financial Institutions, Ports, Railways, Surface Transport and all engaged in Export Trade Facilitation. It directly and indirectly serves the interests of over 200,000 exporters from every Industry and Services sector in India.
Guatemala emerged as India’s biggest trading partner in the Central American Region in 2021- 22 with bilateral trade of US$ 573.21 million which has now increased to US$693 in 2022-23, solidifying a rising trend. Pharmaceuticals, textiles (especially cotton yarn and fibers), engineering products, automobiles- two and three wheelers, motor vehicles/cars, auto components and parts, iron and steel, industrial machinery and parts, electrical machinery and equipment are the top products exported to Guatemala while India mainly imports Wood, wood charcoal, Coffee, aluminum scrap from Guatemala.
The Federation of Indian Export Organizations (FIEO), in collaboration with the Embassy of India in Guatemala and the Chamber of Commerce of Guatemala, is pleased to announce a Multi-Sectoral Business to Business between India and Guatemala. This event seeks to foster business collaboration between Indian manufacturing companies and Guatemalan importers, offering a space to explore business opportunities.
The trade delegation from India is composed of 20 leading companies covering various sectors, such as- Security equipment, Construction and design, Vehicle spare parts, Grains and spices, Packaging and textiles, Kitchen and household items, Pharmaceuticals and Cleaning products. The collaboration between FIEO, the Embassy of India in Guatemala and the Chamber of Commerce has been fundamental for the organization of these Business-to-Business Meetings. Recognizing the significant potential of this event, the Chamber of Commerce has extended invitations to affiliated companies and the general public, resulting in substantial interest. Over 90 importing, distributing, or trading companies have already confirmed their participation, scheduling business appointments for the upcoming meetings.
The scheduled B2B Meeting will facilitate exploration of potential trade opportunities, allowing businesses from both countries to identify areas of mutual interest and collaboration. The delegation will gain 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.