New Delhi: India and Brazil signed a landmark agreement on Saturday to expand cooperation in mining and minerals, aiming to secure raw materials for India’s growing steel demand and support capacity expansion. The pact was signed in the presence of Indian Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva during Lula’s three day visit to New Delhi.
Brazil one of the world’s top iron ore producers holds significant mineral reserves critical to steelmaking. The agreement focuses on investment in exploration mining and steel sector infrastructure improving India’s access to raw materials and technologies necessary for long-term growth in the steel industry. India currently has a steelmaking capacity of 218 million metric tonnes which is being expanded to meet rising domestic demand driven by infrastructure and industrial development.
Addressing the Brazilian delegation Modi emphasized deepening bilateral trade beyond $20 billion over the next five years, up from the current $15 billion. He also highlighted cooperation in technology innovation digital public infrastructure, AI, and semiconductors. Brazil remains India’s largest trading partner in Latin America, with both nations collaborating on global issues such as UN reform climate change and counter terrorism.
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