PRESIDENT PRATIBHA Devi Sinh Patil today outlined the business synergies and opportunities, which are waiting to be exploited for the mutual benefit of India and Brazil.

 

Addressing a meeting of businessmen organised jointly by Confederation of Indian Industries and FIESP at Sao Polo in Brazil, the President said that today’s session is an expression of the confidence that are concrete opportunities for business and economic cooperation between India and Brazil.

 

This meeting today, between FIESP and CII, is a unique gathering of businesspersons representing two populous, democratic and fast growing economies of the world, she added.

 

Expressing confidence that economic growth will remain at more than nine per cent, Patil appreciated the fact that bilateral trade with Brazil has almost trebled over the last three years to US $ 3.12 billion in 2007. “It is encouraging that it was US $ 600 million in the first two months of this year. We are determined to achieve the trade target of US $ 10 billion by 2010”, said the Indian president.

 

Delving on the growing India-Brazil trade, she said that the two-way investment process is gaining ground and at least eighteen Indian pharmaceutical companies have opened their offices or production facilities in Brazil.

 

She also mentioned Tata Consultancy Services (TCS), which has provided jobs to at least 2000 Brazilians in Brazil, the other two major IT companies, Satyam and Wipro have major plans for expansion in Brazil.

 

A major Indian oil company, ONGC Videsh Limited (OVL), has already invested close to US $ 750 million in Brazil. On the other hand, Marcopolo, Stefanini, WEG and Gerdau have investment in India. Companhia Vale do Rio Doce (CVRD) and Embraer have either set up offices or have representatives in India. These are just some of the examples of breaking new ground in economic cooperation between us, the President said.