India has begun courting Caribbean states to expand trade although the Asian country’s current trade volume with the Caribbean stands at mere US$1 billion. On his recent visit to the United Nations, Prime Minister Narendra Modi held separate meetings with chiefs of several Caribbean countries, including Guyana, Saint Lucia, St. Vincent and the Grenada.
While China can use its dollar reserves to please Caribbean countries, India is heavily dependent on its Diaspora to expand business. Indian descendents are in large numbers in Caribbean countries, particularly in Guyana, Suriname and Trinidad & Tobago.
Indian IT company Genpact was in fact incorporated in Bermuda. Therefore, India is gearing up to use its vast resources in the technology sector to develop closer relationship with the region. The Asian country has already begun offering technology training and skill development programs in some of the Caribbean countries.