SAO PAULO (AFP) — India and Brazil, as leading economies in the developing world, have great potential for partnerships and multi-billion-dollar bilateral trade that is certain to grow, Indian President Pratibha Patil said here.
Patil's choice of Sao Paulo -- Brazil's economic center -- for her first trip abroad since becoming India's head of state nine months ago underlined the priority her country was giving to boosting economic performance.
"Both Brazil and India are large and growing economies, with enormous opportunities for further rapid investment and growth. Our natural synergies and economic complementarities can be exploited for mutual benefit," she told a conference at the Sao Paulo state industry federation on Monday.
With Patil was a contingent of Indian officials and business representatives keen to deepen ties between the two countries.
Brazil is already India's biggest trading partner in Latin America.
Bilateral exchanges reached three billion dollars last year, were expected to grow to four billion dollars this year and as much as 10 billion dollars by 2010, officials from both nations said.
India sees Brazil, with its large biofuel production and exports, as a providing part of the solution for its soaring energy needs.
It is also looking to Brazil's plane-making industry as its aviation sector grows.
Officials in Patil's entourage said the Indian president was to sign three deals with her Brazilian counterpart Luiz Inacio Lula da Silva when they meet in Brasilia on Wednesday, among them an aerospace accord.
Madhur Bajaj, the head of India's Bajaj Auto company, said that Brazil's booming demand for new cars was an opportunity for his country.
India's knowhow in information technology and high-quality but cheap medical care could also provide investment perspectives for Brazilian business, he said.
In terms of tourism, though, "maybe there is a trick or two we have to learn from you," he told Brazilian business leaders.
Paulo Skaf, the head of the Sao Paulo industry federation, stressed that "our countries have a big potential for cooperation."
According to the International Monetary Fund, while growth in both countries would feel an impact from the economic slowdown affecting the United States and Europe, both India and Brazil were well-position to come through with their economies intact.
Brazil was expected to see a 4.8 percent expansion in 2008 and 3.7 percent in 2009 after growth in 2007 of 5.4 percent, IMF figures showed.
India was setting a more blistering pace, beaten only by China. India's economy was expected to grow at 7.9 percent this year and a similar level in 2009, down 9.2 percent respectively in 2007.
Patil was due to travel to Rio de Janeiro later Monday, and on to Brasilia on Tuesday to continue her state visit, which also involved meeting representatives of Brazil's congress and judiciary.
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