The bilateral trade between Brazil and India has witnessed impressive growth, surpassing US$15.2 billion in 2023 between two of the world’s major emerging economies. This is driven by expanding cooperation in sectors like energy, technology, agribusiness, and pharmaceuticals. Both nations have capitalized on their complementary industries, forging a dynamic trade relationship.
Last week, Brazil’s top business group – LIDE has opened its first ever office in Mumbai underscoring the commitment to further enhancing this partnership, offering new avenues for collaboration and market expansion.
LIDE (Grupo de Líderes Empresariais), a Brazilian business leaders’ organization, led by economist José Francisco Dutra, aims to strengthen connections between Indian businesses and Brazil’s production sectors. And will also serve as a bridge for Indian companies to explore new markets in regions where LIDE is already present.
With a focus on key areas such as agribusiness, aerospace, defence, technology, infrastructure, energy, and innovation, the Mumbai unit also intends to prioritize sectors like oil and gas, pharmaceuticals, sustainability, and tourism.
The opening of LIDE India comes at a pivotal moment for both nations, as they seek to deepen their economic ties. Over the past decade, India has consistently maintained a trade surplus with Brazil, exporting goods such as pharmaceuticals, textiles, and machinery. However, the relationship is evolving, with Brazil now working to expand its exports to India in areas like energy, agriculture, and manufactured goods. This shift presents opportunities for collaboration that could significantly benefit both economies.
José Francisco Dutra, who has extensive experience in structured operations and project finance across various sectors, emphasized LIDE India’s role in facilitating business connections between the two countries. “LIDE India will act as a networking platform, connecting leaders and promoting high-level dialogues. Our unit will contribute to strengthening relations and creating business opportunities. LIDE India will be a bridge between two economic giants, an important milestone for strengthening bilateral relations and for the sustainable growth of our markets,” said Dutra.
LIDE’s delegation, which included President João Doria Neto, LIDE Co-Chairman João Doria, and Head of Units Fábio Fernandes, visited Mumbai for the official opening of the office (Sept 2-6).
The visit also marked the beginning of preparations for the Brazil-India Forum, set to take place in 2025, aimed at fostering further collaboration between the two countries. LIDE’s international presence, with 16 units spanning five continents, positions the organization as a global platform for economic development and ethical business practices.
In recent years, Brazil and India have expanded their trade relationship beyond traditional commodities such as iron ore and oil, delving into a broader range of manufactured goods and services. Information technology, in particular, has emerged as a sector of mutual interest, along with agricultural products. This diversification has not only strengthened economic cooperation but has also paved the way for more robust, long-term partnerships in areas like energy and sustainability.
“There is immense business potential between Brazil and India, especially in sectors like energy, technology, agribusiness, and pharmaceuticals. The scope for diverse and intense cooperation is vast, and LIDE has much to contribute to the development of these relations,” noted João Doria Neto, LIDE President.
The establishment of the LIDE India office represents a strategic move to provide a solid foundation for future growth. As Indian companies increasingly look to Latin America for new markets, and Brazilian firms explore opportunities in Asia, the timing of this initiative could not be more opportune. The new office will play a crucial role in fostering business relationships and facilitating the exchange of innovative ideas and practices between these two emerging market giants.
Historically, Brazil has been focused on increasing its export footprint to India, not only through traditional sectors but also by tapping into the technology, pharmaceutical, and agribusiness markets. The launch of the LIDE India office will help facilitate this shift, offering a platform for dialogue and cooperation between the business communities of both nations.