A delegation of 20 Indian companies from the Federation of Indian Export Organizations (FIEO) visited El Salvador on February 15 and 16 to explore new business opportunities with local partners.
The representatives from these Asian companies engaged in meetings with the Minister of Economy, María Luisa Hayem, and the President of Invest El Salvador, Salvador Góchez. Additionally, they participated in business rounds with local entrepreneurs.
The business mission commenced on February 12 in Guatemala, the region’s leading partner with India, conducting approximately $693 million in bilateral trade. Following Guatemala, the delegation proceeded to El Salvador. According to Khalid Khan, FIEO representative, El Salvador was included due to its “vast potential in rapid economic growth.” In the fiscal year 2022-2023, bilateral trade between India and El Salvador reached $126 million, with the aim to expand this figure, as stated by the federation’s executive.
India predominantly exports pharmaceuticals, textiles (especially cotton yarn and fibers), engineering products, automobiles, motor vehicles, car components, iron and steel, machinery, industrial parts, and electrical machinery and equipment to Central America. Conversely, India imports mainly wood, charcoal, coffee, and aluminum scrap from the region.
Despite being an unexplored destination for the visiting delegation, the enthusiastic response from local businesses increased their eagerness to further explore the local market. Delegates ventured into areas like Santa Tecla and other prominent locations to understand the dynamics of the local market and collaboration opportunities, as mentioned by Khan.
“The delegation gained insights into the markets of Guatemala and El Salvador, helping them understand regulatory environments, consumer behavior, and market trends – crucial for a successful market entry,” Khan added.
Minister Hayem emphasized that these visits are not coincidental but are a result of the government’s efforts to make the territory more attractive for foreign investments. Improvements in security, advancements in infrastructure, and the implementation of digital and agile services are among the initiatives contributing to El Salvador’s appeal as an investment destination.
“We continue to showcase to the world the new version of El Salvador and our rapid transformation, positioning us as an attractive country for new investments,” pointed out Minister Hayem.