New Delhi, India March 20 (ANI): External Affairs Minister S Jaishankar on Thursday said that we need to build reliable and resilient supply chains, as the world is passing through an uncertain and volatile period.

Addressing the 10th CII India-LAC Business Conclave, Jaishankar said, 'We are passing through an uncertain and volatile period... We are all developing countries and, therefore, among those most impacted by the long-term consequences of the COVID pandemic.'

'On top of that, the implications of the Ukraine conflict for food, fuel and fertiliser security have been additional stress points... The cost of borrowing, particularly for developing countries, has been exorbitant. This challenging backdrop is the reality that we must recognise as we explore new forms of cooperation... There is a need to de-risk the global economy from the dangers of over-concentration in any single geography. But we also need to build reliable and resilient supply chains,' he said.

Jaishankar added that India's collaboration with Latin America and the Caribbean must address the needs of health security.

The Union Minister said that facilitating technology flows, harmonising regulations, recognising pharmacopoeia, and promoting mobility of talent are among the possibilities that we should encourage...

'Now, both COVID and conflict have brought home to us the importance of food security... Latin America and the Caribbean have the ability to serve as a breadbasket, not just for themselves but for the entire world. To realise their full potential, there is a need for better technology, greater productivity, logistics, post-harvest storage, and more food processing... The quest for energy security ranks only next to health and food security,' he added.

During his address, the Union Minister highlighted the potential for collaboration in health, food and energy security. He also emphasised the importance of mining, infrastructure and Defence as domains to be further explored.

The minister further said that innovation and startups can help build more bridges. He said that development partnerships with the LAC region will continue to deliver. (ANI)