Brazil and India should work together towards achieving economic prosperity and sharing best industry practices with each other, Deputy Consul General of Brazil Isabela Medeiros Soares said.
"The economies of India and Brazil share many things in the form of large demographic population, huge consumer base and an identical industrial and trade framework. Given this, the two economies must forge ties together towards economic prosperity," he said here today.
Soares was addressing a meeting organised by the All India Association of Industries (AIAI), MVIRDC World Trade Centre and the Consulate General of Brazil here.
At present, India-Brazil bilateral trade stands at USD 10 billion. While India exports diesel, polyester yarn, chemical products, drugs and cotton yarn to Brazil, the country imports crude oil, sugar, soy oil and copper from the latter.
"Both the economies are regarded as emerging markets with untapped natural resources with great potential for development. Nations must work towards gaining potential connections and sharing industry best practices with each other," he said.
Brazilian companies have invested in automobiles, infotech, mining, energy, biofuels and footwear sectors, while Indian companies have invested in infotech, pharmaceuticals, energy, agri-business, mining, engineering and auto sectors in Brazil.
Foreign direct investments (FDI) by domestic companies in Brazil till 2013 stood at USD 103.25 million from Infosys, Pidilite, RSB, Fomento, Inox, Unichem, while FDI inflows into India have been USD 23 million.
Speaking at the event AIAI President Vijay Kalantri said, "Going forward, we intend to target bilateral trade worth USD 15 billion by 2015. MVIRDC World Trade Centre and All India Association of Industries will aid any assistance towards the business community in achieving the trade target.
