In a bold forecast, Brazil’s President Luiz Inacio Lula da Silva announced at the India-Brazil Business Forum in New Delhi that trade between the two nations could soar to $30 billion by 2030—almost twice the present $15 billion volume. This comes amid surging momentum in their strategic relationship.
The high-profile gathering, backed by FICCI, DPIIT, and Brazilian counterparts, served as a platform for visionary dialogue. Lula recalled the partnership’s inception in 2006 with $2.4 billion trade, now ballooned by 25% annually. Despite progress, both sides agree the ceiling is much higher, fueled by boundless cooperation prospects.
Piyush Goyal, India’s Commerce Minister, reinforced the $30 billion ambition, stressing the need for rapid expansion. Brazil’s mineral wealth—niobium, lithium, iron ore—meshes perfectly with India’s manufacturing edge. Goyal highlighted opportunities in Brazil’s agriculture, aerospace, automotive, and digital sectors, beckoning investments.
Tangible outcomes included multiple MoUs. A $500 million iron ore blending facility unites NMDC, Vale, and Adani Gangavaram Port. Pharma alliances aim at joint development of treatments for cancer and beyond. Embraer and Adani Defence will assemble E175 jets locally, while ApexBrasil-FICCI vow to boost trade and partnerships.
The leaders also championed developing countries’ voices in global economics and equitable IP access. This convergence not only promises economic dividends but fortifies bilateral resilience against global uncertainties.