Foreign Minister S Jaishankar met Brazilian President Jair Bolsonaro - who will be the chief guest for tomorrow's Republic Day parade - and discussed ways to strengthen ties between the two countries.
Later today, Mr Bolsonaro and Prime Minister Narendra Modi will hold talks and are expected to sign 15 agreements to boost cooperation in a wide-range of areas like oil and gas, mining and cyber security.
After the meeting, Mr Jaishankar said that Mr Bolsonaro's visit will open "new opportunities" for bilateral cooperation. "Pleased to welcome the Chief Guest for Republic Day 2020 President @jairbolsonaro of Brazil. His visit will open new opportunities for our bilateral cooperation. It also symbolizes the global rebalancing underway," he said.
Mr Bolsonaro and Mr Jaishankar deliberated on ways to deepen overall bilateral cooperation including in areas like trade and investment, officials said.
India's ties with Brazil, the largest country in Latin America, have been on an upswing in the last few years. The country has a population of 210 million with a $1.8 trillion economy.
The volume of bilateral trade between India and Brazil was $8.2 billion in 2018-19. This included $3.8 billion worth of Indian exports to Brazil and $4.4 million as imports by India.
Both the governments feel there is huge potential to enhance the bilateral trade further.
Major Indian exports to Brazil include agro-chemicals, synthetic yarns, auto components and parts, pharmaceutical and petroleum products. Brazilian exports to India include crude oil, gold, vegetable oil, sugar and bulk mineral and ores.
Indian investments in Brazil were around $6 billion and Brazilian investments in India are estimated at $1 billion in 2018. Brazilian investments in India are mainly in automobiles, IT, mining, energy and biofuel sectors. India has invested in Brazil's IT, pharmaceutical, energy, agri-business, mining and engineering sectors.