Click to play videoRio de Janeiro: If you think Brazil is all about exotic beeches and the mountains, you are wrong.
With Indian investments in Brazil has exceeded $1billion ranging from pharmaceuticals to auto manufacturing over the last year alone, Brazil has turned into a preferred destination.
“Its a combination of strong pipeline, domestic knowledge and favourable investment climate,” said Strides Arcolab Dy Chairman Arun Kumar.
As the Brazilian government offers several tax incentives and encourages foreign entities to buy land and establish their businesses in the Brazillian city of Campos, Strides has set up the second manufacturing plant in the city.
India and Brazil have set a bilateral trade target of $10 billion by 2010 and the Indian Government officials feel it’s easily achievable with many projects in the pipeline.
“There is a lot coming. Tatas and Marcopolo have a JV going. India is interested in Brazilian Embriaer Aircraft. There is a lot to do in agriculture, ethanol, infrastructure and minerals,” said Indian Ambassador to Brazil Hardeep S Puri.
But some Brazilians say a few sectors are taxed are too high.
“The only thing that the government will do well is to give us a bit more for the taxes we pay. We pay an average of 39 per cent in tax annually,” said Reginald A Barnes of New York City Center in Rio de Janeiro.
But, with a economy still growing at just about 4 to 5 per cent and consumption picking up, Indian companies have their eyes firmly set on Brazil.
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