New Delhi witnessed a landmark moment in India-Brazil relations as Brazilian President Luiz Inacio Lula da Silva projected bilateral trade doubling to $30 billion by 2030. Speaking at the India-Brazil Business Forum, Lula highlighted the explosive growth potential between the two BRICS powerhouses.
The forum, organized by FICCI, DPIIT, and Brazilian ministries alongside ApexBrasil, drew top business leaders. Lula recalled that trade stood at a modest $2.4 billion in 2006 when strategic partnership began. Today, it has surged to $15 billion, with a 25% jump last year alone. Yet, he stressed this is just the beginning, given the vast untapped opportunities.
‘Distance doesn’t matter; our collaboration knows no bounds,’ Lula declared, committing both nations to ramp up exchanges. India’s Commerce Minister Piyush Goyal echoed this optimism, calling the current volume insufficient. He pointed to Brazil’s rich reserves of niobium, lithium, and iron ore complementing India’s tech and manufacturing prowess.
Together, they can reshape global supply chains, Goyal noted. Brazil’s strengths in agriculture, aerospace, automobiles, and digital tech open doors for joint ventures. He invited Brazilian firms to invest in India, promising fruitful partnerships.
The event sealed multiple pacts in bioenergy, iron ore, pharmaceuticals, trade, and aerospace. NMDC, Vale, and Adani Gangavaram Port inked a $500 million deal for an iron ore blending facility. Pharma collaborations target cancer drugs and critical therapies through joint R&D and production.
In aerospace, Embraer and Adani Defence agreed to set up an assembly line for E175 regional jets in India. ApexBrasil and FICCI also partnered to boost trade, investment, and global cooperation. Leaders emphasized safeguarding developing nations’ interests in the world economy and ensuring equitable IP rights.
This surge signals a new era of economic synergy, positioning India and Brazil as pivotal players in the Global South’s rise.