India and Brazil on Saturday agreed to boost trade and investment across a range of fields such as defense, mining, biofuel, cybersecurity, food, the environment and health.
India’s Prime Minister Narendra Modi lauded Brazil as “a valuable partner” as he and visiting President Jair Bolsonaro witnessed the signing of 15 agreements by their officials in the Indian capital.
Bolsonaro said he was looking forward to being the chief guest at India’s National Day military and cultural parade on Sunday in New Delhi. India celebrates Jan. 26 as the anniversary of its adoption of Constitution in 1950.
Indian Prime Minister Narendra Modi, right, shakes hand with Brazil's President Jair Bolsonaro before their delegation level meeting in New Delhi, India, Saturday, Jan. 25, 2020. Bolsonaro is this year's chief guest for India's Republic day parade. (AP PhotoManish Swarup)
Modi told reporters that the two sides have reached an agreement to promote investment in each other’s country.
India and Brazil will also work for reforms in the functioning of the United Nations, Modi said. Both India and Brazil are seeking membership on the U.N. Security Council.
India’s trade with Brazil in 2018-19 stood at more than $8 billion. Top export items from India include organic chemicals, chemical-based products, pharmaceuticals, machinery and textile products.
Brazil's President Jair Bolsonaro inspects a joint military guard of honor during his ceremonial reception at the Indian presidential palace in New Delhi, India, Saturday, Jan. 25, 2020. Bolsonaro is this year's chief guest for India's Republic day parade. (AP PhotoManish Swarup)
The main items Brazil exports to India are petroleum products, mainly crude oil, cane sugar, copper ore, soy oil and gold.
According to India’s External Affairs Ministry, Brazilian companies have invested in the automobile, information technology, mining, energy, biofuel and footwear industries in India.
Indian companies have invested in sectors such as information technology, pharmaceuticals, energy, agribusiness, mining and automobiles in Brazil.
Brazil's President Jair Bolsonaro arrives for his ceremonial reception at the Indian presidential palace in New Delhi, India, Saturday, Jan. 25, 2020. Bolsonaro is this year's chief guest for India's Republic day parade. (AP PhotoManish Swarup)
Brazil's President Jair Bolsonaro, left, shakes hand with Indian Prime Minister Narendra Modi, with Indian President Ram Nath Kovind standing beside them during his ceremonial welcome at the presidential palace in New Delhi, India, Saturday, Jan. 25, 2020. Bolsonaro is this year's chief guest for India's Republic day parade. (AP PhotoManish Swarup)