India, Brazil set trade target of USD 15 bn

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SME Times News Bureau | 15 Jun, 2012
India and from Brazil set bilateral trade target of USD 15 billion by 2015, informed Commerce and Industry Minister Anand Sharma, on a 4-day visit to Brazil.

Sharma 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 at a function in Rio de Janeiro on Thursday.

Sharma earlier invited the Brazilian investment in recently launched National Infrastructure and Manufacturing Special Economic Zone as well as in the food processing industries. Both sides agreed that infrastructure was one area in which lot of opportunities existed on both sides for the companies to participate in.

Meanwhile Brazilian Ambassador Carlos Duarte, at a function in Kolkata on Thursday, said that Brazil is optimistic that its bilateral trade with India would surpass the target of USD 15 billion by 2015.

Currently, the volume of trade between the two countries stood at USD 10 billion.

"Both the countries are allowing for a lot of opportunities in trade among themselves. There is a lot of scope for growth," Brazilian Ambassador said.

"We will continuously work together towards that goal (of USD 15 billion). I hope that we would surpass that target," he said.

In the backdrop of India's persistent slowdown in economic growth, rating agency Standard and Poor's has recently warned that India would be among the first BRICS country to lose investment grade status. The other BRICS countries are Brazil, Russia, China and South Africa.

Duarte said there were a lot of opportunities for India to invest in Brazil's hotels and infrastructure sectors as the South American country would host the FIFA world cup and Olympic Games in 2014 and 2016, respectively.

He said there was scope for Indian investment in IT and oil and gas industries in Brazil as well.