Minister of State for Commerce and Industry Shri Jyotiraditya Scindia said that a diversification in product portfolio and geographical reach is imperative in potential Latin America and Caribbean markets.Speaking on the occasion of the 4th CII India-Latin and Caribbean conference, in the capital today, the minister added that energy cooperation is a key component of the overall India-LAC economic cooperation. He also stated that India is a big potential market for agro-processed foods made in LAC countries. He stressed on the need for India to diversify its exports and reduce its dependence on traditional markets such as North America and the European Union. Shri Scindia said that India's LAC export basket too needs to be broadened and also made a special mention of the potential of India-LAC cooperation in tourism. He also stated that India,Latin America and the Carribean should focus on core competence and commonality of culture to build a vertical of an economic relationship.