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Brazil President talks business with India Inc.

Brazil President talks business with India Inc.
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First Published: Tue, Jun 05 2007. 12 12 PM IST
Updated: Tue, Jun 05 2007. 12 12 PM IST
AP
New Delhi: Brazilian President Luiz Inacio Lula da Silva met with chief executives of several Indian companies keen on doing business with the South American country, officials said as he wrapped up a three-day visit Tuesday.
The meetings followed Silva’s talks with Indian political leaders on 5 June 2007, during which both sides agreed to set an ambitious target to increase annual bilateral trade to $10 billion (Rs40,000 crore) by 2010. Two-way trade between the two countries totaled $2.4 billion last year.
Silva’s talks with Prime Minister Manmohan Singh also focussed on expanding cooperation in defense, civilian nuclear energy and reviving deadlocked negotiations on a new treaty at the World Trade Organization, said a joint statement issued by governments of the two countries.
Brazil-India ties have strengthened in recent years as they have emerged as leaders among developing nations, taking similar positions on trade issues and calling for more representation on the UN Security Council.
Both want to be permanent members of the Security Council, and have called for reform of the global trading system to benefit the world’s poorer countries.
Among business executives who met Silva on 5 June was M. Thiagarajan, the managing director of Paramount Airways, a new airline that mostly operates short-distance flights in southern India.
Paramount plans to buy 40 jets, worth $2 billion (euro1.5 billion), from Brazilian aircraft maker Embraer, the Mint newspaper reported on 5 June.
When contacted, officials at the Brazilian Embassy and Paramount Airways confirmed the meeting, but declined to comment on the news report.
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First Published: Tue, Jun 05 2007. 12 12 PM IST
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