The Hindu : Tamil Nadu / Chennai News : Brazil aims at doubling bilateral trade with India to $10 billion

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Tamil Nadu

Tamil Nadu - Chennai

Brazil aims at doubling bilateral trade with India to $10 billion

Special Correspondent

Trade pacts concluded in last three years to trigger slew of joint ventures

— Photo: V. Ganesan

Boosting bilateral trade: Roberto Paranhos, president, Brazil India Chamber of Commerce (centre), with Anita Praveen, CMD, Tamil Nadu Industrial Development Corporation, and J.N.Amrolia, chairman, Task Force on International Business Promotion and Networking, CII SR, at a session organised by the CII in Chennai on Friday.

CHENNAI: Brazil has targeted doubling bilateral trade with India to $10 billion in the next few years, Roberto Paranhos, president, Brazil India Chamber of Commerce, said here on Friday. Making a presentation on Brazil at a session on ‘Business Opportunities with Brazil,’ hosted by the Confederation of Indian Industry, Mr.Paranhos said it was expected that the nine trade treaties concluded by both sides in the last three years would trigger a slew of joint ventures. The two countries have concluded 25 trade treaties in a host of sectors.

“Brazil sees India as the perfect partner to ally with in Asia in order to develop business throughout the world. With abundant natural resources like India, the two countries can add to each other’s growth,” he said.

Among Brazil’s value propositions are its liberal policies that allows foreigners to buy land and extended income tax holidays, he said. India exports minerals, fuels, iron and steel, energy equipments to Brazil and imports sugar as Brazil is the largest producer of sugar. Brazil is also important exporter of iron ore, vegetable fat, ethanol and leather.

Ideal destination

Anita Praveen, chairman and managing director, Tamil Nadu Industrial Development Corporation (TIDCO), said Tamil Nadu’s core competencies in skilled manpower and infrastructure made it a great destination for investment. Close association of the two countries should yield good results as both the countries had abundant resources for exchange.

J.N. Amrolia, chairman, Task Force on International Business Promotion and Networking, CII–Southern Region and executive director (Construction & Allied Business), Ashok Leyland, said as democracies with fast-growing economies, India and Brazil shared huge opportunities of business and trade with each other.

Paula Gomes representing ApexBrasil, a trade and investment promotion body, said India figured in the 23 “priority markets” identified by Brazil for increased levels of business engagements. Brazil was also opening business centres across the world, with the one in Beijing the nearest for Indian investors. Dairy products, food processing, high end fashion, leather, machining equipment, technology and healthcare were broad areas for potential collaboration.

Common factors

Rakesh Vaidyanathan from the Jai Group said Indian business fraternity would find great comfort levels with Brazilian society, which embraced modernity without sacrificing traditional values. Moreover, the lack of triumphalism in the Brazilian business ethic was another comfort factor that was likely to be appreciated by Indian investors, he said. Pointing out that Indian trade delegations, so far had misplaced focus on textiles and handicrafts, Mr.Vaidyanathan called upon the business fraternity to expand horizons and look at sectors such as electricals and agro products. Brazil is a good trade partner to have for domain specific software projects such as banking automation, he said.

CII will send delegations to the India-Latin America and Caribbean Conclaves scheduled in Trinidad and Tobago from June 22 to 26 and Uruguay and Argentina from June 29 to July 3.

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