Ficci sees investment opportunities in Brazil

Mercosur countries, particularly Brazil, offer great investment opportunities in sectors like business process outsourcing (BPO), banking and financial services, cement, iron ore and chemicals, according to the Federation of Indian Chambers of Commerce and Industry (Ficci).

"China is already making inroads into Brazil in farming, steel and other manufacturing sectors. It has bought land for contract farming. So, India should also claim a major stake in that country," Amit Mitra, secretary-general of Ficci, said.

He said India should leverage its position in resource areas like food products, agricultural commodities, particularly soyabean, precious stones and even the entertainment sector.

Also, other sectors like hydro-electric power and highway management, construction and systems management and retail are big business areas for India, he added.

The countries should look at leveraging select technology leads, build localing businesses and work along the development curve for better trade relations.

India and Brazil have complimentary strengths and together they can focus on the third country markets.