Piyush Goyal pitches for activation of India-Brazil Business Leaders Forum

Commerce and Industry Minister Piyush Goyal on Monday suggested the Brazilian side to reconstitute and activate India-Brazil Business Leaders Forum to boost economic ties between the two countries.

The minister said that he would be happy to hear from the Brazilian side on the suggestion.

"I have a suggestion for consideration of the Honourable President (of Brazil Jair Bolsonaro) and business leaders of both sides. Some years ago, we had started India Brazil Business Leaders Forum, which somehow for various reasons has not yet taken off," Goyal said.

He was speaking at the luncheon meeting of business leaders of both sides in the presence of the Brazilian President.

Goyal said that both the countries can use this opportunity, where business leaders of both the countries have gathered, "to activate" that forum and "we will re-constitute it to make it more relevant and contemporary to businesses which are working with Brazil".

He requested the Indian industry to give fresh nominations of people who are looking for engaging with the South American country.

Talking about business opportunities in both the countries, he said that businesses of both sides can look at the potential in areas like railways, infrastructure, tourism, agriculture, clan energy and startups.

The minister said that both the countries have set up a target to take the bilateral trade to USD 15 billion by 2022 from the current USD 8.3 billion.

Goyal, who also hold the railways portfolio, said that there is a plan to make Indian Railways net-zero carbon emitter by 2030 and 100 per cent electrification by 2024.

Speaking at the function, Bolsonaro said that huge potential is there for Indian businesses in Brazil.

"Brazil's potential is unmatched," he said, adding for both the countries, "opportunities are right before us".

Brazilian Foreign Minister Ernesto Fraga Araujo said both the countries can increase cooperation in attracting investments.

Mines Minister Bento Albuquerque said that both the sides can enhance cooperation in areas like ethanol to make it a global commodity.

An increase in cooperation in clean energy can help both the countries to become a low carbon economy, he said.

Brazilian Agriculture Minister Teresa Cristina said that huge investment potential is there in the sector for both sides.

Brazil can export sesame seeds to India, she said.

Assocham has announced to set up an office in Brazil. Five MoUs were also inked in the areas of investment cooperation, social security, bioenergy cooperation, and oil and gas cooperation.