India, Brazil bilateral trade to touch $10 bln by 2010: Lula

New Delhi, June 4 (UNI) India and Brazil can achieve their trade target of 10 billion dollars by 2010 and even exceed it, Brazilian President Luiz Inacio Lula da Silva said today.

Addressing captains of Indian industry at a function organised jointly by the three business chambers (CII, ASSOCHAM and FICCI), Mr Lula said both the countries should diversify their trade potential and the significant business delegation is already following Indian example of economic growth.

He said New Delhi and Brasilia had created G20, which makes both the countries important in the WTO negotiations and fulfilling Doha Round successfully. The interest of the developing countries and the farmers' dependence on the agriculture are the priorities of the discussion in WTO, Mr Lula added.

''I've been working on the idea that 21st century will be the century of opportunities for the countries who could not take the advantage in 20th century,'' he said.

The President said there is a huge potential in the renewable energy sector and Brazil along with India and South Africa are working towards creating a world group to make bio-fuel a source of renewable energy.

''This can generate jobs in the country side and reduce poverty,'' he added.

The President also invited the Indian entrepreneurs to invest in its 50-billion-dollar 'Growth Acceleration Programme' to develop the infrastructure.

He said India and Brazil have not even identified 10 per cent of the bilateral trade opportunities and there is lot of potential in the exchange of technology and engineering capabilities.

President Lula said the government and business communities from both the countries should focus on increasing the bilateral trade with the increased opportunity in the current world market.

Brazilian Minister for Development Industry and Foreign Trade Miguel Joao Jorge Filho said both the countries have a lot of business opportunities in pharmaceuticals, bio-fuels, IT, food processing, automobiles parts, mining, civil aviation, medical equipments, infrastructure and railway equipments.

Brazil is looking forward to Indian entrepreneurs to explore great opportunity to exchange experiences and knowledge. JVs and partnerships in the field of IT, engineering, petrol, chemical and medicine are already adding to the business between the two countries and new sectors of businesses should also be looked at, Mr Filho added.

Mr Anand Sharma, Minister of State for External Affairs, said India and Brazil share strong bilateral trade relationship and have global dimension.

He said Brazil has competitive and diversified industrial structure with main sectors as chemicals, food products, automotive vehicles, aviation, basic metal products, machines and clothing.

India and Brazil are both consumer driven society and are open to investment and JVs from India and other countries.

Brazil and India have robust economy and both the countries believe in inclusive growth, said Malvinder Mohan Singh, Chairman, CII National Committee on Technology and Ranbaxy Laboratories Ltd CEO and Managing Director.

He said both the countries are collaborating in bio-technology and pharmaceutical sectors and have lot of opportunities in other sectors also. Both the countries face similar challenges in the world market and together should explore the potential.

UNI