India imports over 40% of its vegetable oils requirement, mainly in the form of palm oil from Indonesia and Malaysia and soya oil from Brazil and Argentina.
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Image via WikipediaCommenting on the announcement, Mr. Rishi Khosla CEO, Copal Partners said, “Since
its inception in 2002, Copal has grown at an exponential rate of over
200 percent year-on-year. We have been able to sustain this growth due
to our long term focus. We have always provided our customers with
solutions to meet their growing needs, and the expansion of the office
in Buenos Aires is a significant step forward in this direction.”The rapid expansion of the Argentina centre is indicative of the emerging
trend among major Indian companies to expand their operations into
Latin America and the promise that the region holds for further growth.
Copal Partners has approximately 1,000 professionals and over 40 clients,
including several global bulge bracket investment banks, equity
research firms, hedge funds, private equity funds, consulting firms and
Fortune 500 corporations. Copal has become the largest independent
provider of financial research and analytics and dominates the
Investment Banking market with over 80% market share in the third party
analytics segment.
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Farm production in Uruguay will consolidate its sixth year running of expansion, 66.5% since 2002, and farm exports are forecasted to reach 4.2 billion US dollars, a 51% increase over last year, according to a report from the Ministry of Agriculture Programming and Policies Office, OPYPA.The report points out that farm exports will increase in all sectors, which is basically understandable because of the jump in international prices, “which are evolving much faster than volumes exported”.
Of the fourteen farm items considered, ten register export increases
with beef sales leading and representing 37% of agro exports equivalent
to 1.57 billion US dollars. In US dollars the increase is 78%. OPYPA
also estimates that rice exports will jump 78%, oilseeds and related
products 75%, diary produce 40% and wood and pulp exports 21%.
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MARATHON talks for a new global trade deal collapsed last night after a clash over agriculture between the United States, the world’s biggest economy, and emerging heavyweights.The breakdown came on the ninth day as the US and India failed to find a compromise on measures intended to help poor countries protect their farmers against import surges, a diplomat said.
US trade representative Susan Schwab appeared downcast as she began to brief reporters.
She said negotiators were “so close on Friday”, but then stopped speaking. Asked if the entire Doha trade round was over, she said, “I didn’t say that” and walked away.
A number of trade officials described the debate pitting the US against
China and India as one of principle – and not just hard economics.
Others blamed a lack of courage for the stand-off.“It is a jump
in the dark,” Celso Amorim, Brazil’s foreign minister, said before the
final efforts yesterday. “You can’t calculate until the very last
situation all the hypotheses. If you do that (the round) will never
finish. It will take two years, three years. It will probably be for a
new generation.”The issue concerned a “special safeguard” that
developing countries, led by China and India, have demanded to deal
with a sudden surge of imports or drop in prices.While farm
import safeguards exist in rich and poor countries, they are rarely
used. The dispute over the current proposals concerns the threshold for
when developing nations could sharply raise their tariffs, and by how
high those taxes could rise.
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People who know anything about this small country across the Rio de la Plata from Argentina usually know of a few major spots: the capital, Montevideo, the historic town of Colonia and the ritzy beach town of Punta del Este. I had been to the top three, but this trip I wanted to find out what was along the coast. What we found was spectacular.Destination uno was Punta del Diablo. The road was well-paved, clearly
marked and empty. Taking us less time than we anticipated, we were in
Punta del Diablo three and a half hours later. We were surprised at how
isolated this former fishing village felt after the relatively short
drive. The beaches were practically empty, extremely beautiful and
stretched on for miles. As we would come to excitedly learn, this is
the norm for coastal Uruguay. Here there are no typical hotels or large
buildings monopolizing the sea view. Wooden cabins and dirt roads
populate this village. Punta del Diablo is postcard perfect.Destination numero dos was Cabo Polonio. This remote outpost surrounded
by miles of secluded windswept sand dunes was second to none. Getting
to Cabo Polonio was half the fun. We were flagged down along route 10
on the way to Cabo Polonio by one of several businesses that, for a fee
of about $6 per person, provide parking for your vehicle and
transportation to the town.Our last stop before Montevideo was Piriapolis. Just 20 minutes west of
Punta del Este, this beach community had an old-time feel. My husband
said it reminded him of Asbury Park, a quaint beach town on the Jersey
Shore that was a popular family destination until the 1970s. It was no
surprise when we heard Piriapolis was the pre- Punta del Este vacation
spot of choice. The proximity to Montevideo and the long white beach
makes it an obvious choice for an easy getaway.
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Image via WikipediaIndia is likely to play a key role in lending strength to international prices.Deteriorating prospects for sugar crops in two of the world’s largest producers Brazil and India, combined with the world’s largest importer Russia re-entering the market have meant that the price weakness will soon become a thing of the past.
World sugar market fundamentals are set to tighten next season. In 2007-08, world sugar consumption projected at about 160 million tonnes (mt) is set to trail production (171 mt) by over 10 mt which would be available as surplus. There has been a glut of sugar and the large surplus has acted as a lid on prices.
Come 2008-09, the picture is going to change. At best, production and consumption both are going to be finely balanced at about 164-165 mt, leaving little surplus.
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India and Brazil have joined hands to promote business interest between the two countries in the pharma sector. “Brazil and India together can herald the next era for the pharmaceutical and healthcare sector” was the general sentiment that was echoed at the India Brazil Seminar on Health and Medication organized by CII on Monday.José Gomes Temporão, minister of health, Brazil said, “There is a need to develop links between the two countries in the health sectors as a lot had to be gained through this exchange of knowledge, skills and technology.” He identified health policies, sanitary regulations, traditional medicines and production of medicines and medical equipments as potential areas of cooperation between India and Brazil.
Chandrajit Banerjee, director-general CII said, “CII intends to increase the level of interaction and engage more closely with Brazil across sectors, especially in the pharma and healthcare sector”. He also added that CII would soon open its first Latin American office in Brazil.
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Since India’s economic growth is driven mostly by domestic demand, and its infrastructure spending is pegged between $350 and $500 billion in the next five years, any global economic slowdown will not put a significant dent in the purchase of commodities critical to infrastructure build-out. Latin American exporters, take note.
Coal exporter looks to India
“We are more certain of the demand emanating from India. India’s rapid urbanisation is driving steel consumption, yet India has insufficient metallurgical coal to meet its own requirements and therefore imports most of its needs.”
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During all my travels from Mexico down to Argentina, I’ve always been struck by how the culture in this extended region is similar to that in India. By culture, I mean the shared societal values and the resultant behavior. This is a great launch pad for business collaboration since so many international ventures fail due to lack of ‘cultural fit’.
Some of these shared values across India and Latin America include:
- Collectivism, especially with special emphasis on the family (la familia) – identity is tied to group membership
- Hierarchy (High Power distance) – inequalities in power are natural and expected
- Indirect Communication – important to respect people’s feelings, cannot say no directly
- Particularism – Behavior tailored to situations and contexts
- Polychronism – Time is adjusted to suit the needs of people
- High Context – Shared assumptions between members of the country or in-group
Of course, there are variances across subgroups and regions, but overall these common values seem to hold. In subsequent posts, I will elaborate and give examples of the associated behaviors and the resulting business impact.
These value definitions are based on the work of Geert Hofstede, Trompenaars-HampdenTurner and Edward Hall.
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A third of Uruguay’s agricultural property may now be owned by foreigners, according to Uruguay’s Rural Association. They include farm companies PGG Wrightson Ltd. of New Zealand and Buenos Aires-based Adecoagro, which is backed by billionaire investor George Soros.International buyers, seeking to take advantage of rising global food prices, are attracted by the South American country’s relatively cheap land, policies that encourage foreign investment, and no tariffs on farm exports, said Roberto Vazquez Platero, a former agriculture minister. As a result, farm prices have more than doubled in three years.
Prime land near Uruguay’s western border with Argentina now costs $7,000 a hectare (2.47 acres), compared with $3,000 a hectare in 2005, said Michael Thomas, general manager of NZ Farming Systems Uruguay Ltd., which is managed and part-owned by Wrightson, New Zealand’s biggest agricultural services company.
On Argentina’s fertile Pampas plains, a hectare costs as much as $10,700, according to farm industry newsletter Margenes Agropecuarios.
“The west has priced up with the Argentines coming across and planting soy,” Thomas said in a telephone interview from Christchurch, New Zealand.
Iowa Corn Belt
Some Pampas land is now more expensive than in the Iowa corn belt, where, according to Iowa State University in Ames, Iowa, prices averaged a record $9,657 a hectare in 2007.
Farm prices have been pushed up by rising world consumption of cereals, oilseeds and meat. As a result, global food values rose more than 43 percent in the past 12 months, according to the Rome-based United Nations Food and Agriculture Organization.
In Uruguay, Argentine farmers don’t face the same taxes and price controls as they do at home. After four months of protests, Argentina’s producers forced President Cristina Fernandez de Kirchner to cancel a March 11 increase in oilseed export taxes to more than 45 percent from 35 percent. The scrapped tax would have made it unprofitable for many farmers, already stretched by the 35 percent levy, to grow soybeans, said Eduardo Buzzi, head of the Argentine Agrarian Federation.
By contrast, Uruguay, whose population of 3.3 million is
less than a tenth of Argentina’s, charges farmers a flat 25
percent tax on their income.“What Uruguay did was simply not to interfere,” Eduardo
Blasina, an agriculture analyst, said in an interview in
Montevideo. “Investment was welcomed.”Uruguay sells most of its beef to Europe, Russia and the
U.S.
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You are currently browsing the IndusLatin blog archives for July, 2008.
- The Latin America Interview with Indian Ambassador R. Viswanathan http://t.co/L27lgZyt
- India, Uruguay sign double tax avoidance treaty http://t.co/F1uHSlU
- World Economic Report A Mixed Bag For CIVETS Countries, including Colombia http://t.co/GeRbskZ
- How Women Can Win the Talent Wars in Emerging Markets http://t.co/SJC4v2n
- Miners should look at protection measures as the resource nationalism tide http://t.co/MGBcGyz
- Europeans Face LatAm Asset Choice | LatinFinance | Wednesday, September 7, 2011 http://t.co/7o4Qeen
- Birlas eye Latam assets of Cemex, Votorantim Cimentos http://t.co/xQP1M09
- Shree Renuka Sugars to sell 25% in Renuka Brasil Holdings - The Economic Times http://t.co/WA0RHzz
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