Brazilian President Luiz Inácio Lula da Silva on Sunday described India and Brazil as “democratic brothers of the Global South,” noting that his current visit holds a very special significance. During his stay, the President highlighted that trade between the two nations is on track to reach $30 billion by 2030.
Strengthening Economic and Strategic Ties
The ambitious trade goal follows a new agreement between Prime Minister Narendra Modi and President Lula. At Hyderabad House in New Delhi, the two leaders signed a Memorandum of Understanding (MoU) to cooperate on critical minerals and mining. This sector is essential for high-tech industries and global clean energy supply chains.
How India Inspired Brazil’s Economic Strategy
President Lula recalled how his first trip to India in 2005 fundamentally changed Brazil’s economic policy. He explained that seeing India’s $100 billion in foreign currency reserves at that time inspired him to build a similar financial buffer for Brazil.
“I came back to Brazil convinced that we needed to build up our international reserves,” Lula stated at the India-Brazil Economic Forum. He noted that this shift allowed Brazil to move from being a debtor to the IMF to becoming a creditor, eventually growing its reserves to $360 billion.
Cultural Diplomacy and Mutual Respect
Beyond economics, the President spoke warmly about the cultural ties and hospitality between the two countries. He shared a story from PM Modi’s 2025 visit to Brazil, where the Brazilian government researched the Prime Minister’s favorite song and hired a singer to perform it as a surprise. President Lula noted that he felt equally welcomed by the hospitality shown to him in New Delhi.
A Busy Diplomatic Schedule
President Lula arrived in India on February 18. His itinerary included participating in the India AI Impact Summit from February 19 to 20. This marks his fifth visit to India as President and follows PM Modi’s state visit to Brasilia in July 2025.
The continued high-level engagement signals a deepening partnership between two of the world’s most prominent emerging economies.
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