Kolkata, Feb 1 (Inditop.com) Bilateral trade between India and Brazil would touch $10 billion in next three to four years, a senior official said here Monday.
“We hope to take the bilateral trade to $10 billion mark in the coming three to four years from more than $5 billion at present,” Brazil’s ambassador Marco Brandao told reporters at a press meet organised by the Indian Chamber of Commerce.
Commodities like sugar, biofuel and fertilisers are the most traded between the two countries.
Brandao said most of the investment from India is in the pharmaceutical sector. He, however, invited Indian companies to invest in the hospitality sector ahead of the World Cup in 2014 and Olympics in 2016 in Brazil.
Talking about the sugar sector, he said Indian sugar companies are expanding in Brazil.
“Indian sugar producer Shree Renuka entered Brazil last year,” Brandao said.
Shree Renuka acquired Brazil’s Vale Do Ivai SA A car e lcool at a cost of Rs.1,112 crore in November. This gave the Indian sugar maker ownership of eight sugar mills in Brazil with an aggregate crushing capacity of 35,000 tonne a day.
