Brazil is pushing India to expand its footprint in the country's mining, power and agri business sectors.
Brazilian
President Jair
Bolsonaro on Monday called for greater investment by Indian
conglomerates in the Latin American country's infrastructure,
railways, mining and energy sectors.
Addressing
senior captains of industry, Bolsonaro, along with senior minister's
from the Brazilian government pitched for more investments from
India. Brazil's economy is broadly expected to slowly regain health
in 2020, with gross domestic product growth estimated at 2.3 per cent
by the country's central bank.
Winning
on a populist plank to eradicate poverty and clean up corruption,
Bolsanaro has pushed for large scale foreign investment to tap the
country's vast natural resources, especially in the Amazon rainforest
in the scarcely populated hinterland. Indian companies have invested
about $ 6 billion in the country, and has significant footprint in
multiple sectors sectors.
This
includes Information
Technology giants such as Tech Mahindra and Tata Consultancy
Services which has about 1400 employees. In the mining sector,
Sterlite Power has won 10 power transmission projects across 11
Brazilian states totalling 29 transmission lines and 34 substations
while Birla Carbon, the world's largest carbon black producer,
completed 60 years of operations in Brazil in October 2018.
Pharmaceutical,
Energy, engineering and automobile production were also sectors
central to Indian business interests, sources said. Policymakers said
that among that bilateral pacts to boost cooperation in oil and
natural gas and bio-energy, that were signed over the weekend is
expected to see significant Indian businesses entering Brazil.
Bolsanaro
met with 23 Indian business leaders from companies including those
from Sterlite Power, Apollo Hospital, Oyo Rooms, Tech Mahindra, Tata
Consultancy Services, Zydus Cadila, and Transport Corporation of
India Limited, among others.
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