New Delhi, July 9 (IANS) Federation of Indian Export Organization (FIEO) said on Wednesday that it watches Prime Minister Narendra Modi’s visit to Brazil as an important step towards strengthening India-Brazilian partnership in trade, commerce and strategic cooperation.
FIEO President S.C. Ralhan said that the two leaders confirmed their commitment to deepen economic relations and exploit the vast unused capacity of bilateral trade and investment.
He said that the two countries stressed the diversity in the business sector by focusing on major supplementary areas including agriculture and agricultural, biofuels, oil and gas, information technology, pharmaceuticals, space and defense manufacturing, focusing on the business sector.
The Chairman of the FIEO further stated that India and Brazil have decided to set up a ministerial mechanism on trade, commerce and investment cooperation, which will serve as a strategic platform to regular monitoring of progress, accelerates initiatives and active business issues. This mechanism will facilitate strong commercial engagement between the two countries, the coordination of institutional partnerships and business policies.
He further stated that the FIEO considers the development to be a timely and necessary step towards increasing transparency, coordination and forecast in business relations and resolving the challenges faced by Indian exporters and investors in the Latin American sector.
The FIEO said in a statement that the Indian trade community should take advantage of opportunities arising from this visit and establish long -term partnerships in Brazil. With its dynamic market, fruiting innovation ecosystem and openness towards Indian products and technology, offers immense possibilities of Brazil expansion.
The statement further stated, “The FIEO is ready to work closely with both governments and related business bodies to ensure successful implementation of the results of this visit and increase its presence in the Brazilian market and support Indian exporters.”
-IANS
ABS/