Jun 14, 2012

India, Brazil set trade target of $15 billion by 2015

RIO DE JANEIRO: India today sought investments from Brazil, mainly in the infrastructure sector for which it needs USD 1 trillion over the next five years, as the two countries set bilateral trade target of USD 15 billion by 2015.

Commerce and Industry Minister Anand Sharma, on a 4-day visit to Brazil, said businessmen of both the countries can cooperate in sectors like agriculture, textiles, IT, infrastructure and pharmaceuticals.

"Huge opportunities are available in both the countries. Currently the bilateral trade is at USD 10 billion. Both the sides have fixed the target of USD 15 billion by 2015. Trade is increasing but huge potential is there to further boost it," Sharma said here at a function.

He sought investments from Brazil in setting up of the National Manufacturing and Investment Zones (NMIZs).

The government is taking several steps to increase the share of the manufacturing sector in the GDP to at least 25 per cent by 2020 from 16 per cent at present. For this, a new National Manufacturing Policy (NMP) was announced recently, which envisages setting up of NMIZs.

They will be mega industrial zones with world-class supporting infrastructure. The government is offering a host of incentives and a liberalised labour and environment norms to promote these zones.

Sharma, who is leading a Ficci business delegation here, said that entrepreneurs of India and Barzil can also come together in other areas of infrastructure like ports, airports and railways.

"India is expected to absorb about USD 1 trillion investments in the infrastructure sector in the next five years. Brazilian companies should participate in it," he said.

Besides, industry chambers, the minister met his Brazilian counterpart Fernando Pimentel in Brasilia and discussed ways to increase economic cooperation.

Ficci President R V Kanoria said education is one of the important sectors for both the countries for increasing engagement.

"Several Indian companies can help in this sector. We have expertise in distant education field. Our present trade is concentrated in oil and its by-products. The potential between the two countries allows us to expand and diversify our trade," Kanoria added.

At present, few Indian companies like Renuka Sugars are operating in Brazil, while some Brazilian firms are operating in India in sectors such as biofuels.

Brazilian industry also sought investments from India in infrastructure sector in the wake of Olympics game being hosted by Brazil in 2016.

Tags India Brazil

Jun 13, 2012

India seeks Brazilian investment in infrastructure sector

Commerce and Industry Minister Anand Sharma has invited Brazil to invest in the recently launched National Infrastructure and Manufacturing Special Economic Zone as well as in the food processing industries.

Sharma had a Ministerial Dialogue with his counterpart Fernando Pimentel, Brazilian Minister of Development, Industry and Foreign Trade in Brasilia on Monday.

Both sides agreed that infrastructure was one area in which lot of opportunities existed on both sides for the companies to participate in.

During the recent state visit of Brazilian President Dilma Rousseff to India, President herself had invited Sharma to visit Brazil for advancing the bilateral economic and commercial relations, as also to address the larger issue of making essential drugs available at affordable prices to our population.

In this context, Sharma was accompanied by a pharma delegation of 15 top Indian companies coordinated by Pharmexil.

During the ministerial dialogue, both sides agreed that the establishment of a working group in the pharmaceuticals and life sciences would be a welcome step towards furthering the cooperation between India and Brazil in this area. Brazil expressed keen interest in collaboration with India in joint production of essential drugs for fighting HIV Aids and malaria.

Both sides also stressed the importance of re-launching the India-Brazil CEOs Forum, a decision taken in the form of declaration at the Summit level in March 2012. They also agreed that the proposed meeting of the two Co-chairs of CEOs Forum would be a positive step in taking this initiative forward.

Indian side also sought for an early meeting of the existing joint working group in hydrocarbon sector to move this area of bilateral cooperation on faster track.

A MoU between the Council of Scientific and Industrial Research (CSIR), through National Physical Laboratory (NPL) and the National Institute of Metrology (INMETRO), Brazil was also signed for scientific and technological cooperation in chemistry, physics, engineering measurement sciences, development of certified reference materials for thermo physics properties, nanometrology, analysis of surface and thin films, biofuels, and biotechnology.

The purpose of this memorandum is to provide a framework for the exchange of scientific and technological knowledge services and the enhancement of scientific and technical capabilities of the two sides in the areas of chemistry, physics, and engineering measurement sciences. (ANI)

Tags India Brazilian Investment