Pratibha calls for Indo-Brazil economic cooperation

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{image-Pratibha+Patil1_15042008.jpg}Sao Paulo, Apr 15: President Pratibha Patil today expressed confidence that India would have a 9 per cent growth rate over the next two-three decades and urged the Brazilian government to exploit the complementarities between the two countries.

Addressing the Federation of Industry of the State of Sao Paulo here, the President, who is on a 13-day Latin American tour of Brazil, Chile and Mexico, said the Indian economy had sustained high growth rates for several years now. ''Our macro-economic fundamentals are strong. Domestic savings and investment rates are high and growing. Labour as well as capital have become more efficient over the years. We are thus confident that we will have high growth rates of over nine per cent in the next three to three decades,'' the President said.

Pointing out that both India and Brazil are growing economies with enormous opportunities for further rapid growth, the President said the natural synergies and economic complementarities could be exploited to mutual benefit.

She expressed determination of achieving the trade target of 10 billion US Dollars by 2010 set during the visit of President Lula to India last June.

''I understand the two-way investment process is also gaining ground. At least 18 Indian pharmaceutical companies have opened their offices or production facilities in Brazil,'' she pointed out.

Talking about complementarities, she said India has strengths in services, IT, pharma, auto components and agricultural equipment and its requirements in infrastructure are huge while Brazil has strengths in the latter including agriculture.

She called for exploiting these obvious complementarities between the two countries for mutual benefit.

She said both Governments were committed to putting in place an enabling environment for greater bilateral trade, investment and economic interaction.

Several bilateral understandings and agreements were already in place to address different sectoral aspects which impact on economic cooperation and more were being finalized.

She called for grasping the opportunities that would make the bilateral partnership even stronger.


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