India, Brazil bilateral trade to reach USD 10 billion by 2010
By chennaivision at 20 May, 2009, 5:25 pm
Mumbai, The bilateral trade between India and Brazil is targeted to reach USD 10 billion by 2010 in view of the new dynamics of South-South cooperation, accelerated by recession hitting the West, CII International Trade Panel Chairperson Harshbeena Zaveri said today.
”The bilateral trade between the two countries has grown from a mere 500 million US dollars in 2000 to 3.12 billion US dollars in 2007 and is targeted to reach USD 10 billion by 2010”, Ms Zaveri, who is also president of NRB Bearings Pvt Ltd said during a conference with the Brazilian industry delegation, that is visiting the to give an impetus to trade and investment.
Underscoring that relations between Brazil and India have recently grown considerably in diverse fields, she said significance of Brazilian trade relationship was evident not only because of the greater global interest and outreach of Indian public and private sector companies, but also because of the new dynamics of South-South cooperation.
”The Indian companies are increasingly setting up operations in Latin America in everything from IT, steel and chemicals to autos and pharmaceuticals. In fact, with the western markets slowing, the time is ripe for Indian and Latin American companies to set up their engagements with each other,” Ms Zaveri emphasised.
Highlighting the various investment opportunities that Latin American country holds, Brazil India Chamber of Commerce President Roberto Paranhos said, ”India is the best partner that we can have in Asia.” He stated that from being an international creditor, Brazil had risen to become an investment centre. Also with inflation under control and internal debt decreasing as percentage of GDP, Brazil offered some excellent investment opportunities.
”Exports are still growing fast touching 20% in 2008 and with growing consumption, decreasing unemployment and growing wages, Brazil has the inimitable competitive advantage,” Mr Paranhos said.
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