India celebrated its 68th Republic Day last week, marking the anniversary of its 1950 Constitution coming into effect and one of the most important steps in its path from colonial rule to full sovereignty as a free and democratic nation.
Since its hard-won independence from Britain in 1947, the South Asian nation has transformed itself from one of the poorest nations on Earth to the world’s seventh-largest economy, with — as that country’s ambassador to Mexico, Muktesh Kumar Pardeshi, pointed out in his national day reception speech on Jan. 27 — the fastest-growing large emergent market, according to the International Monetary Fund (IMF).
And despite some fiscal headaches, excessive bureaucracy and slowdowns in some sectors, the Indian economy is expected to grow by 7.7 percent in 2017.
So what does all that mean for Mexico?
A lot, if investors and merchants can see past antiquated stereotypes of India and embrace the world’s largest democracy as the key strategic partner it wants to be for Mexico.
And with tensions brewing with Mexico’s largest trade partner, India offers a massive 1.3 billion person market for Mexican goods and services.
Indian investors already have a strong presence in Mexico, with more than 60 companies with offices and operations here, creating more than 10,000 jobs for Mexican workers and representing nearly $1 billion in capital holdings.
Combined two-way trade amounts to $6 billion annually, making India Mexico’s 13th-largest trade partner worldwide.
India is the third-largest market for Mexican crude oil.
Although India still faces serious challenges in providing financial benefits for its ever-burgeoning population, as well as infrastructure and environmental problems resulting from rapid industrialization, India is a world leader in technology and scientific development and has a solid and stable democracy.
Indian IT industries employ around three million professionals and generate revenues of more than $180 billion annually.
Indian scientists have mastered the power of the atom for energy and medicinal use, and reached Mars long before most of their Western colleagues.
India is also a leading producer of food grain, fruits, vegetables, fish and milk.
India is also rich in natural resources and a majority of its population is educated.
And India is a stalwart proponent of regional and global peace and the fight against terrorism.
Right now, entrepreneurs in India’s telecom industry (the world’s fastest-growing), auto industry (the second-fastest-growing) and pharmaceutical industries are all looking to partner-up with Mexican counterparts for joint-venture investment projects.
Last year, Indian Prime Minster Narendra Modi paid an official visit to Mexico (the first of its kind in 30 years) with an eye to revving up bilateral cooperation.
Two-way diplomatic relations between India and Mexico date back to 1950, and binational cultural, academic and scientific links have been flourishing for decades.
India has stretched out its hand to Mexico in a gesture of friendship with the hopes of broadening bilateral cooperation even further, especially in the commercial and economic realms.
Mexico and Mexican businessmen would be stupid not to take advantage of that offer.
Thérèse Margolis can be reached at [email protected].
