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India, Brazil Agree to Boost Ties in IT, Biofuel and Mining

India and Brazil agreed Saturday to boost trade and investment across a range of fields such as defense, mining, biofuel, cybersecurity, food, the environment and health.

India’s Prime Minister Narendra Modi lauded Brazil as “a valuable partner” as he and visiting President Jair Bolsonaro witnessed the signing of 15 agreements by their officials in the Indian capital.

Bolsonaro said he was looking forward to being the chief guest at India’s National Day military and cultural parade on Sunday in New Delhi. India celebrates Jan. 26 as the anniversary of its adoption of Constitution in 1950.

Modi told reporters that the two sides have reached an agreement to promote investment in each other’s country.

India and Brazil will also work for reforms in the functioning of the United Nations, Modi said. Both India and Brazil are seeking membership on the U.N. Security Council.

India’s trade with Brazil in 2018-19 stood at more than $8 billion. Top export items from India include organic chemicals, chemical-based products, pharmaceuticals, machinery and textile products.

The main items Brazil exports to India are petroleum products, mainly crude oil, cane sugar, copper ore, soy oil and gold.

According to India’s External Affairs Ministry, Brazilian companies have invested in the automobile, information technology, mining, energy, biofuel and footwear industries in India.

Indian companies have invested in sectors such as information technology, pharmaceuticals, energy, agribusiness, mining and automobiles in Brazil.