‘We are witnessing an increased demand for wind power in our country. However, it cannot be met without the help and co-operation of a sound technical partner. There is vast scope for co-operation between Uruguay and India in the field of renewable energy’ Uruguay’s Minister for Industry, Energy and Mines Roberto Kriemerman told reporters.
‘This is further aided by the agreement on trade preferences between Mercosur countries and India,’ he added. The Uruguay delegation was in Chennai as part of its seven-day visit to India.
In Delhi Thursday, Astori will hold formal discussions with Indian Vice President Mohammad Hamid Ansari, and also meet Lok Sabha Speaker Meira Kumar, followed by an important business seminar Friday.
Astori also advanced that Uruguay and India would be signing a double-taxation treaty with India very soon. “The double-taxation treaty would be signed very soon with India. All the formalities have been made…”.
The double taxation treaty is intended to “protect” and “promote” investments made in the respective countries.
“We want to sign it soon. It will mainly help in protecting and promoting investments” Astori said on the sidelines of a seminar.
However, he pointed out that the trade balance with India recorded deficits for Uruguay in recent years. The deficit increased by 49% in 2010. The two countries need to work on it. “We need to improve our trade relations taking advantage of the preferences between India and Mercosur” he said.
Exports to India in 2010 fetched 14 million US dollars, an increase of over 40% over the previous year. On the other hand, imports rose by 44% to $ 59 million USD. Uruguay’s main exports to India are in the textile and leather sectors. From India, Uruguay imports automobiles and chemicals.