New Delhi witnessed a landmark declaration on Thursday as Brazilian President Luiz Inacio Lula da Silva projected that bilateral trade between India and Brazil could double to $30 billion by 2030. Speaking at the India-Brazil Business Forum, Lula highlighted the tremendous untapped potential between the two emerging economies.
The forum, organized by FICCI, DPIIT, and Brazilian ministries alongside ApexBrasil, underscored a shared commitment to economic synergy. Lula reminisced about the strategic partnership launched in 2006, when trade stood at a modest $2.4 billion. Today, it has surged to $15 billion, with a robust 25% growth last year. Yet, he emphasized this is just the beginning, given the vast opportunities ahead.
Distance is no barrier, Lula asserted. Both nations are poised to deepen ties in critical sectors. India’s manufacturing prowess complements Brazil’s rich mineral resources like niobium, lithium, and iron ore. Commerce Minister Piyush Goyal echoed this optimism, calling for accelerated growth beyond the current $15 billion mark.
Goyal spotlighted Brazil’s strengths in agriculture, aerospace, automobiles, and digital tech, inviting Brazilian firms to invest in India. Key agreements signed on the sidelines bolstered this momentum. NMDC, Vale, and Adani Gangavaram Port inked a $500 million deal for an iron ore blending facility. Pharma collaborations target cancer drugs and serious illnesses 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 pledged to enhance trade, investment, and global cooperation. Leaders stressed protecting developing nations’ interests in the global economy and ensuring equitable intellectual property rights.
This partnership signals a new era of South-South collaboration, promising mutual prosperity and resilience in global supply chains.