According to the minister, it was time India diversified its markets to buffer the impact of economic slowdown and take merchandise exports back on the high growth trajectory after 10 successive months of decline.

'Africa and Latin America afford a huge opportunity and it shall be my endeavour to intensify our economic engagement with the countries of this region,' he said, adding a strategy paper was being prepared to target the two regions.

Sharma said his ministry will play a pro-active role to promote greater dialogue among various organs of the government. He proposed regional meetings with the heads of missions for a greater understanding of government policies.

'I feel our diplomats need a strong understanding of the prevailing investment policies. There is a need of greater synergies between different organs of government.'