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As Brazil puts the finishing touches to its preparations for the Olympic Games at Rio de Janeiro in August 2016, 'India Global Business' takes a wider look at what this BRICS partner has on offer for India's global ambitions. The formation of multilateral cooperation of strong developing economies of Brazil, India, Russia and China in 2009 marked the beginning of a new world order. In 2011, South Africa joined the group and the cooperation became unique as a distinct BRICS bloc. The enlarged geographic reach of the group to cover major continents enhanced its relevance in the 21st century global order.
Prime Minister Narendra Modi's visit to Brazil for the BRICS Summit nearly two years ago in July 2014 marked a turning point in India-Brazil bilateral ties. The two countries agreed to expand trade and investment flows, while deepening collaboration in the fields of renewable energy, defence and cyber security. Closer cooperation with Brazil holds immense economic potential for India as the country's profile is remarkably similar to India's own growth story. Indian companies have long been attracted to the potential offered by this fast growing economy, with information technology leading the way. Belo Horizonte, Brazil's sixth largest city, has been the target for many Indian companies which work in the IT segment.
India's trade with the South American region as a whole has grown from less than $2 billion 15 years ago, to $46 billion between 2013 and 2014, and includes everything from soybeans to aircraft to minerals. As all eyes will be on Brazil for the 2016 Olympics, it could also mean an enhanced partnership with fellow BRICS partner India.