SME Times News Bureau | 27 Jan, 2020
The visit of President of
the Federative Republic of Brazil, Jair Bolsonaro, is a sign of the growing
importance of the India – Brazil bilateral partnership said Union Minister of
Commerce and Industry & Railways, Piyush Goyal, during his address at the
inaugural session of the India-Brazil Business Forum held in New Delhi on
Monday.
He hoped that as Brazil
is one of the most important trading partners of India in the entire LAC (Latin
America and Caribbean) region trade between the two countries will grow to USD
15 billion by 2022.
The 15 MoUs signed during
the visit of the President of Brazil shows the power of democracy, demography,
leadership, the talent pool available in India, India’s market and the
aspirations of one billion Indian citizens for a better life said the Commerce
and Industry Minister.
The MoUs of cooperation
that have been signed during the presidential visit on investments, trade
facilitation, social security, agriculture, defence and double taxation makes
this the most productive visit by a Brazilian Head of State.
Commerce and Industry
Minister hoped that investments will also grow in the sectors of clean energy,
startups, railways and creation of value chains between India and Brazil where
goods may be semi assembled in one country and finished in another.
Goyal informed that the
entire Indian Railway will be fully electrified by 2024 and by 2030 the railway
network in India will run completely on clean energy with zero emission.
Commerce and Industry Minister
welcomed the announcement made during the visit of President of Brazil to India
for visa free travel between the two countries. He added that visitors for
business and tourism between two countries will benefit greatly from this.
Commerce and Industry
Minister also urged that the India – Brazil Business Leader’s Forum may be
activated and reconstituted to make it more relevant and contemporary to
businesses in both countries.
Commerce and Industry
Minister hoped that India’s services in wellness sector like Yoga and Ayurveda
will further grow as Brazil has a strong community of Yoga and Ayurveda
practitioners.
Brazil has an association
of Ayurveda (ABRA), a nonprofit association with offices in 9 states of Brazil
and members all over Brazil and the third International Congress on Ayurveda
was held from 12 to 15 March 2018 in Rio de Janeiro.
The conference saw
participation of more than 4000 delegates, including many from India.
India and Brazil share
close relationship at the bilateral level as well as plurilateral fora like
BRICS, BASIC, G-20, IBSA, International Solar Alliance and in larger
multilateral bodies like UN, UNESCO and WIPO stated Commerce and Industry
Minister.
He further said that the
decade long bilateral strategic partnership is based on a common global vision
shared democratic values and a commitment to foster economic growth with social
inclusion for the welfare of the people of both countries.