New Delhi, February 22: 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 in New Delhi, Lula highlighted the collaboration between the two nations. The forum was organized in partnership with FICCI, DPIIT, Brazil’s Ministry of Foreign Affairs, and Apex-Brazil.
Lula noted that when India and Brazil established their strategic partnership in 2006, their 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 potential both countries possess. He stated that the geographical distance should not hinder their cooperation, as there are vast opportunities for collaboration.
Union Commerce and Industry Minister Piyush Goyal supported this vision, asserting that $15 billion is insufficient and that trade needs to accelerate. 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 enhance the global supply chain.
Goyal described Brazil as a robust 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 forum, several agreements were signed between the two countries in areas such as bioenergy, iron ore, pharmaceuticals, trade, and aerospace. A notable agreement was made to establish an iron ore blending facility worth approximately $500 million between NMDC, Vale, and Adani Gangavaram Port. Additionally, agreements were reached for joint research and production of cancer and other critical medicines in the pharmaceutical sector.
In the aerospace sector, Brazil’s Embraer and Adani Defense and Aerospace agreed to set up an assembly line for the E175 regional jet in India. Furthermore, a deal was struck 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.
