Brazilian President Jair Messias Bolsonaro who is in India to witness the Republic Day Parade 2020 met External Affairs Minister S Jaishankar on Saturday (January 25) and discussed ways to deepen ties between the two countries in a range of areas, including trade and investment.
Later in the day, Bolsonaro and Prime Minister Narendra Modi will hold extensive talks following which the two countries are expected to ink 15 agreements to boost cooperation in a wide-range of areas like oil and gas, mining and cyber security.
After the meeting, Jaishankar said in a tweet that Bolsonaros visit will open “new opportunities” for bilateral cooperation. “Pleased to welcome the chief guest for #RepublicDay2020 President @jairbolsonaro of Brazil. His visit will open new opportunities for our bilateral cooperation. It also symbolizes the global rebalancing underway,” he said.
Pleased to welcome the Chief Guest for #RepublicDay2020 President @jairbolsonaro of Brazil. His visit will open new opportunities for our bilateral cooperation. It also symbolizes the global rebalancing underway. pic.twitter.com/yx9sZXalCH
— Dr. S. Jaishankar (@DrSJaishankar) January 25, 2020
Bolsonaro arrived in New Delhi on Friday (January 25), accompanied by his daughter Laura Bolsonaro, daughter-in-law Leticia Firmo, eight ministers, four members of the Brazilian parliament and a large business delegation.
Bolsonaro and Jaishankar deliberated on ways to deepen overall bilateral cooperation including in areas like trade and investment, officials said.
The Brazilian president is in India primarily to grace the Republic Day celebrations on Sunday as chief guest and explore ways to boost trade ties with India at a time when both the large economies are hit by slowdowns.
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India’s ties with Brazil, the largest country in Latin America, has been on an upswing in the last few years. The country has a population of 210 million with USD 1.8 trillion economy.
This is the first visit of President Bolsonaro to India.
Bolsonaro, a former army captain, won a landslide victory in Brazil’s presidential election in October 2018 and took the reins of the country in January last year. India-Brazil ties have been on an upswing in the last few years.
The volume of bilateral trade was $8.2 billion in 2018-19. This included $3.8 billion worth of Indian exports to Brazil and $4.4 million as imports by India. Both the governments feel there is huge potential to enhance the bilateral trade further.
Major Indian exports to Brazil include agro-chemicals, synthetic yarns, auto components and parts, pharmaceutical and petroleum products. Brazilian exports to India include crude oil, gold, vegetable oil, sugar and bulk mineral and ores.
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Indian investments in Brazil were around ₹6 billion and Brazilian investments in India are estimated at ₹1 billion in 2018.
Brazilian investments in India are mainly in automobiles, IT, mining, energy and biofuel sectors. India has invested in Brazils IT, pharmaceutical, energy, agri-business, mining and engineering sectors.
(With inputs from agencies)