India and Brazil Must Forge Ties towards Economic Prosperity says Ms. Soares

“The economies of India and Brazil share many complementarities in the form of large demographic population, huge consumer base and an identical industrial and trade framework. Also, the Government’s of Brazil and India support each other’s candidature at bilateral forums such as BRICS, G-20 and G-4 and multilateral arenas such as UN, WTO, UNESCO, etc. Both the economies are regarded as emerging markets with untapped natural resources with great potential for development. Given this, the two economies must forge ties together towards economic prosperity”, said Ms. Isabela Medeiros Soares, Deputy Consul, Consulate General of Brazil in Mumbai during an interactive meeting organised by All India Association of Industries, MVIRDC World Trade Centre and the Consulate General of Brazil in Mumbai. 

Mr. Elson de Barros Gomes Jr., Consul of India in Minas Gerais said today’s meet has opened avenues for Brazil and India to take learning lessons from each other. The nations must work towards gaining potential connections and sharing industry best practices with each other. 

Mr. Leonardo Ananda Gomes, Executive Director of the India Brazil Chamber of Commerce confirmed that India and Brazil have huge complementarities bringing the two economies closer. In order to take the relationship further we need to enlarge business and trade partnerships. The step forward for the day is that the business delegation identifies local partnerships in India and exchange knowledge amongst each other. 

All India Association of Industries & India -Brazil Chamber of Commerce and MVIRDC World Trade Centre &India -Brazil Chamber of Commerce signed an MOU of cooperation towards economic growth and integration. 

Further, Mr. Filipe Ferreira, Instituto de Desenvolvimento Integrado de Minas Gerais – INDI gave a brief presentation on Minas Gerais region of Brazil. 

Earlier, in his welcome remarks Mr. Vijay Kalantri, President, All India Association of Industries and Vice-Chairman, MVIRDC World Trade Centre said India and Brazil have deep rooted historical ties. At present, India-Brazil bilateral trade stands at US$ 10 billion. Chief Indian products exported to Brazil are diesel, polyester yarn, chemical products, drugs and cotton yarn. Chief imports by India from Brazil include crude oil, sugar, soy oil and copper. 

There have been two way investments between India and Brazil. While the Brazilian companies have invested in automobiles, IT, mining, energy, biofuels, footwear sectors in India, the Indian companies have invested in such sectors as IT, Pharmaceutical, Energy, agri-business, mining, engineering/auto sectors in Brazil. Foreign direct investments (FDI) by Indian companies in Brazil till 2013 is US$ 103.25 million from Infosys, Pidilite, RSB, Fomento, Inox, Unichem, etc. FDI inflows from Brazil into India have been US$ 23 million till 2013. 

Going forward, we intend to target bilateral trade worth US$ 15 billion by 2015. MVIRDC World Trade Centre and All India Association of Industries stand to aid any assistance towards the business community in achieving the trade target, Mr. Kalantri added. 

Mr. Y. R. Warerkar, Executive Director, MVIRDC World Trade Centre proposed the vote of thanks. 

The sectoral composition of the business delegation comprised of herbal medicines, research and development in pharmaceuticals, cosmetic pharmacy, healthcare & loboratory pharma, medical equipments, etc. Over 500 B2B meetings were organised during the conference.

 May 21, 2014

Photo 1

Mr. Vijay Kalantri, President, All India Association of Industries & Vice Chairman, MVIRDC World Trade Centre   presenting a bouquet to Mr. Elson de Barros Gomes Jr.,  Consul of India in Minas Gerais. Others (L-R): Mr. Y R Warerkar, Executive Director, MVIRDC World Trade Centre, Mr. Sharad Upasani, Vice Chairman, MVIRDC World Trade Centre, Mr. Leonardo Ananda Gomes, Executive Director of the India Brazil Chamber of Commerce, Ms. Rupa Naik, Executive Director, All India Association of Industries and Director- Projects, MVIRDC World Trade Centre during an interactive meeting organised by the All India Association of Industries, MVIRDC World Trade Centre and the Consulate General of Brazil in Mumbai.

Photo 2

Mr. Vijay Kalantri, President, All India Association of Industries & Vice Chairman, MVIRDC World Trade Centre shaking hands with Mr. Elson de Barros Gomes Jr.,  Consul of India in Minas Gerais towards India and Brazil Economic ties. Others (L-R): Mr. Y R Warerkar, Executive Director, MVIRDC World Trade Centre, Mr. Leonardo Ananda Gomes, Executive Director of the India Brazil Chamber of Commerce during an interactive meeting organised by the All India Association of Industries, MVIRDC World Trade Centre and the Consulate General of Brazil in Mumbai.