Prez Pratibha Patil says India, Brazil trade ties witnessing an upsurge

April 16th, 2008 - 10:31 am ICT by admin  

Pratibha Patil

By Ravinder Singh Robin Brasilia (Brazil), Apr 16 (ANI): President Pratibha Patil has said that India and Brazil share a perfect blend of trade ties, particularity in the wake of perceptible upsurge in investment flows between the two countries.
President Patil, on her state visit to Brazil, said both the countries had presence of companies on each others soil. While Brazil has the presence of Indian companies such as Tata Consultancy Services, Satyam Computers, Ranbaxy and Cellofarm which are providing employment to several thousand Brazilians, India houses Brazilian companies such as Marcopolo and Stefanini. ONGC Videsh Limited and Petrobras have an active bilateral partnership. Happily, the interest of India in sectors such as sugar, ethanol, iron ore and railways in Brazil is mirrored by Brazils interest in the avionics, food processing and infrastructures sectors of India, she said.
President Patil made a history of sorts by addressing the Senate of the National Congress of Brazil on Tuesday. She is the first President of India who has got the honour of addressing the Brazilin Senate, where she was welcomed by Senator Garibaldi Alves Filho, the President of Federal Senate. Speaking on the occasion, she said that both the countries are determined to improve the conditions of life for people and this can be done only by pursuing rapid and socially inclusive economic growth.
The task of economic development never an easy one, is particularly challenging when it is to be realised in a democratic polity. However, the commitment to economic growth, and social development and democracy is firm and resolute, she added.
Citing further commonalities between India and Brazil, she said, Today, India is a trillion dollars economy, just like Brazil, and is growing close to nine per cent per annum. India has the fourth largest GDP in terms of purchasing power. The entrepreneurial energy has manifested itself in the form of dynamism across a wide range of sectors of economic activity.
This has been the result of sustained effort of national and regional institutions which provide the underpinning of economic development. It is also the result of economic reforms, which have greatly increased competitiveness of Indias goods and services. Economic analysts today aggress that India, like Brazil, has the potential to emerge as one of the top economies of the world over the coming decades. The fact that this progress has drawn on, and in turn strengthened our democracy, is an achievement of which we can justly be proud of, she added.
The President further said the unprecedented economic transformations taking place in India and Brazil open areas of immense potential for bilateral cooperation. Bilateral trade has grown from a mere 500 million US dollars in 2000 to 3.12 billion US dollars in 2007.
I believe that this impressive performance is an indicator of future growth. We are now looking at a target of 10 billion US dollars in two-way trade by 2010 which appear eminently achievable, she added. (ANI)

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