Brazil’s economic strengths and opportunities for investment in the country came out in bold relief at the first country seminar on ‘Investment Opportunities in Brazil’ organised by APEX Brazil, as the three-day BRICS Trade Fair got under way in New Delhi, on Wednesday.
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Highlighting the vast and myriad opportunities and similarities that India and Brazil enjoy, Mr Tovara Da Silva Nunes, Brazilian Ambassador to India, set the ball rolling, stating that India and Brazil shared a lot of similarities and common interests.
Brazil and India have strong IT sector, strength in medicines, the foreign policy of both the countries is focused on sustainable development and faces similar challenges as the countries believe that social inclusion is not possible without a good economy, he said.
Talking about Brazil, he said, agriculture is the strength of the Brazillian economy.
Brazil is one of the major trade partners of India in Latin America. There is more than USD 5 billion Indian investments in Brazil.
In order to encourage more Indian investment and to create a legal framework, India and Brazil will sign ‘Agreement cooperation and facilitation investment’, in Goa at the sidelines of the BRICS Summit.
The Ambassador said that the people were regaining their faith in the economy. He further said that private companies will have the opportunity to invest in the following sectors, ports, civil aviation, energy, sanitation, oil and gas. Agriculture, robust banking system, defence and aeronautics are the pillars of the Brazilian economy, he emphasised.
Mr. Rajiv Wahi, Head – International Business, Escorts Agri Machinery, said, “Food security is a major challenge in Wednesday’s world and all the BRICS countries have the responsibility of developing their agricultural sector to feed the world.”
Brazil with its rich agricultural strength and central location is an important country for Escorts, other agriculture based companies and for the agricultural industry of India at-large.