SME Times - Bogota Fair to See Biggest Ever Indian SME Participation, Bogota Fair in Columbia, International Fair of Bogota in Columbia, 70 Percent of Indian SMEs Expected to Participate in Bogota Fair

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Namrata Kath Hazarika | 01 May, 2010
The biggest ever business delegation from India, comprising around 70 percent of the Small and Medium Enterprises (SMEs), is likely to participate in the International Fair of Bogota in Columbia in October this year, said the Ambassador of Colombia to India, Juan Alfred Pinto Saavedra to SME Times in New Delhi recently.

The Ambassador said, "The biggest delegation of India that is going to International fair of Bogota covers 70 percent by SMEs. Moreover, in the beginning of next year we are also inviting a big delegation comprising SMEs of Colombia to look into India for business opportunities."

He feels that India is very competitive as compared to other nations as it (India) provides low salaries and great profits.

Both India-Colombia are scheduled to resume the second round of negotiation on double taxation treaty in the 5-9 July in Bogota, which was suspended due to the formation of new Indian government last August.

The ambassador underlined, "We have negotiated about 70 percent of the process of the dialogue. The second round was likely to be in August last year but the new government of India has decided to stop the negotiation in double taxation agreement with many countries...because they were thinking in the taxation reform process."

He also pointed out that the Ministry of Finance from India would participate in the dialogue process.

However, on negotiating on Free Trade Agreement (FTA), he said "It has to be and it takes more time for free trade agreement. It takes couple of years. At the moment, we have the investment agreement and the double taxation agreement."

Recently, visiting Secretary General, Ministry of Foreign Affairs, Republic of Colombia, Liliana Perez had said that a Double Taxation Agreement which will provide further impetus for India-Colombia economic relations.

Perez talked about the need for a FTA between the two sides as well, and added that tourism would be a key potential area for both countries to forge partnerships.

Bilateral trade between India and Colombia last fiscal was at USD 1 billion. Exports from Colombia is low at USD 450 million whereas exports from India to Colombia is around USD 700 million.