Goyal hopes investments will grow

Trade between India and Brazil is expected to grow to US$15 billion by 2022, Commerce and Industry Minister Piyush Goyal said in Delhi on 27 Jan 2020.

Addressing the inaugural session of the India-Brazil Business Forum held in New Delhi on 27 Jan 2020, the Minister stressed that Brazil is one of the most important trading partners of India in the entire Latin America and Caribbean (LAC) region.

Fifteen MoUs were signed during the Brazilian President Jair Bolsonaro visit shows the power of democracy, demography, leadership, the talent pool available in India.

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.

The 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.

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, said Goyal, who is also Railway Minister.

He 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.

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.

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, said Goyal. fiinews.com