Brazil
Brazil and India are both members of the BRICS and G 20 forums.
The commercial opportunities between Brazil and India are growing exponentially. Business opportunities exist in strategic sectors such as mineral fuels, raw materials, machinery and transport equipment, chemicals, manufactured goods, and food products.
Brazil is India’s biggest trading partner in South America. In 2021, India became the 5th largest trading partner of Brazil, and bilateral trade between the two countries increased by 63.5%, reaching US$ 11.53 billion, compared to US$ 7.052 billion in 2020. Major Indian exports to Brazil include processed petroleum products, agrochemicals (insecticides, fungicides), chemicals, pharmaceuticals, engineering products, textured filament yarn, and unwrought aluminum. Brazilian exports to India included crude oil, soya oil, gold (non-monetary), cane sugar, cotton, gum, wood, turpentine oils, chemicals (carboxylic acids), iron ore, and concentrates.​​
For Brazilian exporters, India has become an important export destination. Between 2003 and 2023, India rose from the 26th to the 13th largest destination for Brazilian exports, reflecting an average annual growth in exports to India of 14.3%, which is higher than the growth of Brazilian exports to the rest of the world, at 11.3% during the same period.
Total Indian investment in Brazil is estimated at more than US$ 6 billion, while Brazilian investments in India are around US$ 1 billion. India’s growth as a global economic power highlights a promising future for strengthening trade and investment relations between Brazil and India. In pursuit of strengthening business relations and developing reciprocal cooperation, IGEP Consult signed an MoU with the India-Brazil Chamber of Commerce (IBCC) in 2023. Based on the principles agreed upon in the MoU, IGEP and IBCC will encourage the exchange of business trade delegations, experts, and economic missions between both countries.
(Source – Embassy of Brazil, Brasilia, and other sources)