Sao Paulo, Brazil-based LIDE, which calls itself “the largest and foremost business leaders’ organisation in Latin America,” has announced the opening of its India office in Mumbai to further bilateral trade between India and Latin American countries, more specifically Brazil.
This comes at a time when Brazil is gearing up to host the G-20 summit.
LIDE said it has been connecting organisations and leaders around the globe fostering a network that promotes free enterprise, innovation and economic growth.
Having international offices in over 20 countries, LIDE focuses on 34 sectors.
As a commitment to the Indian market, LIDE would be organising a four-day conference in India in August 2025 which will have participation from 150 large business enterprises from Brazil, Latin America and 20 other countries.
Economic ties
“Our objective is to increase the economic relationship between Brazil and India in a bilateral sense. We already have a very good partnership, but we need to increase, especially bringing in private sector to know better,” said Joao Doria, Co-Chairman, LIDE.
“We believe when we will put in touch the Brazilian with Indian entrepreneurs, new business in areas, especially agriculture, aerospace, defence and security and technology will emerge,” he said in an interview. Besides, LIDE would focus on the mineral sector, oil & gas, pharmaceutical industry, sustainability and tourism.
“We believe that the trade between India and Brazil can increase many folds. This is our goal and this is our mission.”
Talking about the vast potential that exists in the tourism sector, he said “Brazil is the largest in outbound tourism to the United States and Europe, but not for India.
Boosting tourism
“We can increase this significantly. First of all by bringing more Brazilians to visit India and taking more Indians to visit Brazil, we can come very close and business can grow.”
Speaking about the existing bilaterial trade between India and Brazil Joao Doria Neto, President, LIDE said though it was estimated at $20 billion, it could rise sharply.
“As per latest data Brazil exported to India products worth $11 billion and India exported to Brazil products that amounted for $9 billion which is extremely timid. Considering the potential, it could be more.”
Main export products
The main exports from Brazil to India are crude oil, sugar, sugar cane, soy and soybean oil. While India’s exports to Brazil include pharmaceutical products, refined petroleum products, software and technology products.
He said today Brazilian companies are dependent too much on China for imports for all types of products and for fertilizers, they were dependent on Russia.
“Today we see very little interaction between the Brazilian and Indian companies. You have excellent products and services that would benefit Brazilian companies for more competitive reasons, which are not currently available,” he added.
Published - September 09, 2024 10:00 am IST
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