India and Brazil will sign an agreement on cooperation and facilitation of investment on the sidelines of the upcoming BRICS Summit in Goa.
"Although the two countries have been part of several multilateral fora, it is important to work closer bilaterally to make the partnership truly strategic," Brazilian Ambassador to India Tovara Da Silva Nunes said.
"The two countries enjoy several common aspirations. They have strong services sector, IT, strength in medicines, their foreign policy is focused on sustainable development, they discuss global issues and peaceful solution to conflicts and they face similar challenges and believe that social inclusion is not possible without a good economy," he added.
Talking about Brazil, he said agriculture is the strength of the Brazilian economy. Over the last decade and a half, there has been an increase in the intensity of trade flows to Brazil, he added.
The major sectors of focus in Brazil are medical equipment and medicines, aerospace, aeronautics, oil and natural gas, chemicals, fertilizers and processed food.
The Brazilian Ambassador termed the country as an attractive destination for companies.
"Brazil is one of the major trade partners of India in Latin America. There is more than USD 5 billion Indian investments in Brazil," Nunes said.
He said private companies will have the opportunity to invest in sectors like ports, civil aviation, energy, sanitation, oil and gas.
Agriculture, robust banking system, defence and aeronautics are the pillars of the Brazilian economy, he emphasised.