India, Brazil trade may cross $6 bn

The bilateral trade between India and Brazil is expected to cross $6 billion this year, according to Brazil-India Chamber of Commerce.

"The bilateral trade between India and Brazil is expected to cross the $6 billion mark this year," President Brazil-India Chamber of Commerce, Roberto Paranhos said while speaking at Indo-Brazil meet organised by Confederation of Indian Industry (CII).

We are aiming to cross $10 billion mark in trade by 2012, as many companies in both the nations are exploring the possibilities of forming joint ventures, he added.

"In order to get a strong foothold in Asia, Brazil is viewing India as an ideal location," he said. The Brazilian companies have invested close to $600 million in India so far, while the Indian firms made an investment of $1.5 billion in Brazil, Paranhos said.

Among the major Brazilian investments in India so far is the joint venture Tata-Marcopolo, between Tata Motors and Marcopolo of Brazil, which has a facility near Bangalore, he said.

A delegation from Brazil came calling to Gujarat to explore possibilities of joint ventures with the firms in sectors such as agriculture equipment, textile, oil and gas, and pharmaceuticals.