PM Modi, Brazil President may ink pact on medicine, scientific research

In the talks, the two leaders focused on boosting bilateral ties in key areas of trade and investment, energy, defence and security, medicine and scientific research, officials said.

The two countries are expected to ink around 15 agreements providing for enhancing cooperation in a range of areas.

Earlier, external affairs minister S Jaishankar called on Bolsonaro and discussed ways to further broaden cooperation between the two countries.

After the meeting, Jaishankar, in a tweet, said Bolsonaro's visit will open "new opportunities" for bilateral cooperation.

The Brazilian President was given a ceremonial welcome at the Rashtrapati Bhavan in presence of President Ram Nath Kovind and Modi.

Bolsonaro arrived here on Friday, accompanied by his daughter Laura Bolsonaro, daughter-in-law Leticia Firmo, eight ministers, four members of the Brazilian parliament and a large business delegation.

The Brazilian President is in India primarily to grace the Republic Day celebrations on Sunday as chief guest and explore ways to boost trade ties with India at a time when both the large economies are hit by the slowdown.

India's ties with Brazil, the largest country in Latin America, has been on an upswing in the last few years. The country has a population of 210 million with $1.8 trillion economies.

This is the first visit of President Bolsonaro to India.

Bolsonaro, a former army captain, won a landslide victory in Brazil's presidential election in October 2018 and took the reins of the country in January last year.

India-Brazil ties have been on an upswing in the last few years.

The volume of bilateral trade was $8.2 billion in 2018-19. This included $3.8 billion worth of Indian exports to Brazil and $4.4 million as imports by India.

Both the governments feel there is huge potential to enhance the bilateral trade further.

Major Indian exports to Brazil include agrochemicals, synthetic yarns, auto components and parts, pharmaceutical and petroleum products. Brazilian exports to India include crude oil, gold, vegetable oil, sugar and bulk mineral and ores.

Read also:70 lakh people have benefitted from Ayushman Bharat: PM Modi

Indian investments in Brazil were around $6 billion and Brazilian investments in India are estimated at $1 billion in 2018.

Brazilian investments in India are mainly in automobiles, IT, mining, energy and biofuel sectors. India has invested in Brazil's IT, pharmaceutical, energy, agri-business, mining and engineering sectors.

Read also: Follow ethical marketing, do NOT bribe Doctors: PM Modi warns pharma giants