'India-Brazil Trade Can Touch $30 Billion By 2030': Brazil Prez Lula Da Silva Hails Ties With India

Brazilian President Luiz Inacio Lula da Silva on Sunday said that India and Brazil are 'democratic brothers of the Global South', describing his current visit as having a ''characteristic that is very special''. The Brazilian President also highlighted that the India-Brazil trade can likely touch $30 billion by 2030.

This came after India and Brazil vowed to deepen their economic and strategic partnership, by signing a memorandum of understanding (MoU) on cooperation in critical minerals and mining, a sector increasingly vital to global high-tech and clean-energy supply chains, as per a joint statement by Prime Minister Narendra Modi and Brazilian President at the Hyderabad House in New Delhi.

Lula Da Silva also recalled how his 2005 trip to India fundamentally reshaped Brazil's economic strategy. He highlighted the deep cultural and financial ties between the two nations, noting that India served as the inspiration for Brazil's massive build-up of international hard currency reserves.

Reflecting on that turning point, President Lula stated, ''It was in India in 2005 that, for the very first time, I perceived the importance of having international hard currency reserves. I came here, my first trip, and India had accrued USD 100 billion in international hard currency reserves. I came back to Brazil convinced that we needed to build up our international reserves, and we had to have an extra buffer.''

ALSO READ: India, US To Reschedule Chief Negotiators Meet On Interim Trade Deal: Sources

The Brazilian President in his address to the India-Brazil Economic Forum in New Delhi, further explained the long-term impact of that policy shift, noting, ''We managed to do that for the very first time. We left that position of debtors of the IMF to the creditors of the IMF. We accrued reserves of international hard currencies of USD 360 billion. That was the third or fourth largest international reserve in the world in those days.'' Linking economic cooperation with cultural diplomacy, the President expressed appreciation for the hospitality extended by his Indian hosts, which mirrored a gesture he had earlier arranged for PM Modi.

''I was surprised yesterday, at the State dinner and at lunch too. I don't know if the Brazilian journalists remember this, but when Prime Minister Modi went to visit Brazil last year, we did research on the song that he preferred most. We went to Sao Paulo to try to find a singer who could sing the song that he enjoyed most. So we did a surprise for him at the Palacio da Alvorada in Brazil, and it was visible that he was touched by the song that we chose to play for him,'' Lula remarked.

The Brazilian President arrived in India on Feb. 18. During the period February 19-20, he participated in the India AI Impact Summit. This is Lula's fifth visit to India as President of Brazil. The visit comes seven months after the state visit of PM Modi to Brasilia on July 8, 2025.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.