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The Bombay Chamber of Commerce & Industry and SOFOFA, the Chilean Federation of Industry, have formally entered into a historic Memorandum of Understanding (MoU) aimed at deepening economic engagement between India and Chile. The agreement was signed by Rosario Navarro, President of the Chilean Federation of Industry, and Pinky Mehta, President of the Bombay Chamber of Commerce & Industry and CFO of Aditya Birla Capital, during a networking meeting organised by the Bombay Chamber in collaboration with the Chile Business Forum on April 03, 2025.
The signing ceremony was attended by several eminent dignitaries, including Jose Miguel Benavente H. Vice Presidente Ejecutivo, Corfo; Viraj Kulkarni, Chairman of the International Trade and Commerce Committee of the Bombay Chamber; Ivan Marambio, President of the Chilean Chapter of the Chile-India Business Council; Nandan Mehta, Corporate Affairs-EMEA, Tata Consultancy Services; and Siddhartha Roy, Business Head-New Country Development, Marico and other esteemed guest from Chile & India.
A key pillar of the MoU is to establish a strategic commitment by both organisations to support their respective governments in the negotiation of a Comprehensive Economic Partnership Agreement (CEPA) between Chile and India. Through technical insights and industry perspectives, both parties aim to contribute constructively to the advancement of trade discussions.
Additionally, should a CEPA be successfully concluded, the Bombay Chamber and SOFOFA will collaborate to facilitate its effective implementation, monitor emerging business opportunities, and drive private sector participation through trade missions, industry briefings, and sectoral collaboration initiatives.
Established in 2020, the Chile-India Business Council aims to double trade volumes between India and Chile by 2026, with a focus on food and beverage exports. “To facilitate this growth, the Council is actively engaging Indian business partners, leveraging industry expertise and market insights to create structured trade opportunities. The Council is focused on transforming trade discussions into measurable business outcomes, ensuring long-term commercial success between Chile and India,” said Marambio.
Speaking at the event, Siddhartha Roy, Business Head-New Country Development, Marico, reflected on Chile’s rich cultural legacy and the strong commercial ties between both nations. “Over the years, India and Chile have demonstrated resilience and dynamism. Chile’s mining industry has thrived, and Indian companies are actively exploring greenfield and brownfield investments. Likewise, Indian IT firms have established a strong presence in Chile,” he said.
India-Chile bilateral trade has witnessed remarkable expansion, rising from $1.5 billion in 2020 to $3.8 billion in 2024. Investment opportunities are evolving beyond traditional sectors, with agriculture, digital services, pharmaceuticals, and automobiles emerging as areas for enhanced cooperation.
Viraj Kulkarni, Chairman of the International Trade and Commerce Committee of the Bombay Chamber, emphasised Mumbai’s economic prominence, citing its gross domestic product (GDP) of over $600 billion and its pivotal role as India’s financial centre. “Mumbai is a gateway to East Asia, just as Santiago could serve as a strategic hub for India’s presence in Latin America. This MoU ensures structured collaboration, enabling businesses to leverage the immense opportunities before them,” he said.
This MoU marks a significant step taken by the Bombay Chamber and SOFOFA, laying the groundwork for structured commercial growth. Both organisations have pledged to support CEPA negotiations and drive cross-border cooperation through sustained industry engagement.
