New Delhi, February 21: Brazilian President Luiz Inácio Lula da Silva announced that bilateral trade between India and Brazil could reach $30 billion by 2030, nearly double the current level.
Speaking at the India-Brazil Business Forum held in New Delhi, Lula highlighted the potential for growth in trade between the two nations. The forum was organized in collaboration with FICCI, DPIIT, Brazil’s Ministry of Foreign Affairs, and the Ministry of Development, Industry, Trade, and Services, along with Apex-Brazil.
Lula noted that when India and Brazil established their strategic partnership in 2006, trade was only $2.4 billion. Today, it has surged to $15 billion, with a 25% increase last year. However, he emphasized that this figure still falls short of the two countries’ potential. He stated that the geographical distance between India and Brazil is insignificant, as there are vast opportunities for cooperation, and both nations are committed to enhancing mutual trade.
Union Commerce and Industry Minister Piyush Goyal supported this goal, asserting that $15 billion in trade is insufficient and needs to grow more rapidly. He pointed out Brazil’s rich mineral resources, including niobium, lithium, and iron ore, while India boasts strong technology and manufacturing capabilities. Together, they can strengthen the global supply chain.
Goyal described Brazil as a strong player in agriculture, aerospace, automobiles, and digital technology, highlighting significant opportunities for collaboration in these sectors. He also invited Brazilian companies to invest and partner in India.
During the event, several agreements were signed between the two countries covering bioenergy, iron ore, pharmaceuticals, trade, and aerospace. A deal was reached to establish an iron ore blending facility worth approximately $500 million between NMDC, Vale, and Adani Gangavaram Port. Additionally, agreements were made for joint research and production of drugs for cancer and other serious diseases in the pharmaceutical sector.
In the aerospace sector, Brazilian company Embraer and Adani Defense and Aerospace agreed to set up an assembly line for the E175 regional jet in India. Furthermore, an agreement was made between Apex-Brazil and FICCI to enhance trade, investment, and international cooperation.
Both leaders emphasized the need to protect the interests of developing countries in the global economic system and ensure equal opportunities in intellectual property rights.
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