Brazilian President Lula da Silva set an ambitious target during his address at New Delhi’s India-Brazil Business Forum: bilateral trade with India reaching $30 billion by 2030, nearly doubling current levels. This visionary goal reflects deepening economic bonds between two BRICS powerhouses.
Hosted collaboratively by Indian and Brazilian trade bodies, the event drew top executives and policymakers. Lula traced the journey from $2.4 billion in 2006 to today’s $15 billion, crediting 25% year-on-year growth. ‘Our potential far exceeds this,’ he declared, urging intensified efforts to bridge geographical gaps with strategic alliances.
Complementarities abound. Brazil’s bounty of critical minerals pairs seamlessly with India’s tech and production capabilities, as noted by Minister Piyush Goyal. He advocated leveraging these for a fortified global supply chain, particularly praising Brazil’s expertise in agribusiness, aviation, autos, and digital innovation.
Goyal extended a warm invitation for Brazilian investments in India. The forum culminated in high-value MoUs: a $500 million iron ore project by NMDC, Vale, and Adani; pharma pacts for oncology and critical care drugs; Embraer-Adani’s jet assembly venture; and FICCI-ApexBrasil framework for broader collaboration.
Beyond deals, discussions focused on safeguarding developing economies in international forums and fair IP regimes. As India and Brazil align, they exemplify how strategic partnerships can drive sustainable growth, reshaping global trade dynamics for the better.