INDIA-BRAZIL FOR COOPERATION IN PHARMA, AVIATION, ENGINEERING PRODUCTS & AGRICULTURE BASED INDUSTRIES SOUTH-SOUTH COOPERATION IS AN INTEGRAL PART OF OUR BILATERAL RELATIONSHIP: KAMAL NATH
Date : 26 Mar 2008
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce and Industry, during his bilateral meeting with Mr. Miguel Jorge, Brazilian Minister for Development Industry and Foreign Trade here today, has stated that India realizes the importance of Latin America and Caribbean and Indian Government has initiated a special programme, FOCUS LAC, to encourage trade relations between India and Latin America and Caribbean. The Minister further stated that, “Brazil being the largest trading partner in Latin America has special importance for India. Over the years, Brazil has emerged as our biggest partner in the LAC region with our bilateral trade crossing 3 billion marks in 2007. Bilateral trade has jumped to US$ 3.12 billion in 2007 from merely US$ 488 million in 2000. However, I feel that considering the huge opportunities of mutual interests, the volume of trade is still low and it could be enhanced manifolds by efforts of governments and trade bodies of our two countries. In the recent India-Brazil Joint Commission Meeting in April 2007, both the governments have set a target of US$ 10 billion by 2010 and we are working towards achieving this target.” Senior officials from both the sides were also present on the occasion.
As regards investments, Shri Kamal Nath informed that, “Our mutual investments have also increased in recent years, particularly in the field of information technology, biotechnology and pharmaceuticals. The Indian pharmaceutical companies have made a success story of their entry in Brazil. Almost all the major pharma players of India have established their presence in Brazil with supply of bulk drugs, finished formulations and establishment of manufacturing units and joint ventures. Areas of mutual interests between our countries cover pharma, aviation, engineering products, agriculture based industries including equipments and food processing industries, energy including ethanol, chemical products, auto parts and vehicles and two wheelers, IT, banking and urban infrastructure. South-South cooperation is an integral part of our bilateral relationship. India and Brazil have demonstrated their determination in reformulating the big questions that affect foreign policy and trade at the international level. India and Brazil must continue to be close partners in the UN, WTO and other international fora on issues such as social development, health care, sustainable economic development and poverty alleviation.”