By Manoj Kumar and Mayank Bhardwaj
NEW DELHI, Feb 21 (Reuters) – India moved to deepen trade ties with Brazil on Saturday, signing a pact to expand cooperation in mining and minerals as it seeks to meet rising domestic steel demand and support capacity expansion amid a global race for raw materials.
The agreement was signed in the presence of India’s Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva, who arrived in New Delhi earlier this week for a three-day visit.
Brazil is among the world’s top producers of iron ore and holds large reserves of minerals critical to steelmaking. Closer cooperation is expected to improve India’s access to raw materials and technologies needed to sustain long-term growth in its steel sector, an Indian government statement said.
INFRASTRUCTURE INVESTMENT
The cooperation will focus on attracting investment in exploration, mining and steel sector infrastructure, the statement said.
India has steelmaking capacity of 218 million metric tons, and companies are expanding output to meet rising domestic demand driven by infrastructure development and industrialisation.
Addressing a meeting with a Brazilian delegation led by Lula, Modi said their talks had focused on ways to deepen the India-Brazil trade partnership.
India, Brazil Sign Mining Pact as Modi Targets $20 Billion Trade in Five Years
