'Modi likely to sign agreements on investment in key areas

Prime Minister Narendra Modi is likely to sign agreements on investment and plan of action in many key areas that India and Brazil can cooperate during his visit to Brasilia next month for the BRICS summit, Ambassador of Brazil Andr Aranha Corra do Lago said here on Friday.

"It is essentially the bilateral relationship that we have to strengthen and I believe, thanks to this visit, we are going to sign a very important agreement on investment.

He said it would be the first time that India was going to sign a new model of investment agreement because the country has denounced the former model and is renegotiating with the new model, he said.

"We are also going to probably sign a plan of action in which we will be able to determine many things we are going to do in different areas...like science and technology, education and culture," he said, speaking to reporters here.

Modi is scheduled to participate in the BRICS summit in Brazil's capital Brasilia during November 13-14.

Pointing out that the Prime Minister is scheduled to arrive in Brazil a day earlier, he said the bilateral meeting would be held before the BRICS meeting.

"We have close political relations. Not only (do) we belong to BRICS, but also several others like IBSA G4 and in many other multilateral groups like G20 etc...

But strengthening bilateral relations between India and Brazil is the key and this is what we can achieve from PM Modi's visit, which will be to create a new step in our relationship and making it more natural," he said.

The Ambassador was in the city to participate in the opening ceremony of the Honorary Consulate on Friday.

Apparao Mallavarapu, an entrepreneur, was appointed as the Honorary Consul of Brazil here in July last year.

Stating that India and Brazil share a very strong relationship from the political point of view and also traditional trade, the Ambassador said it needs to be expanded a lot.

"We are two of the largest economies in the world. India has surpassed Brazil super quickly in the last five years.

Five years ago Brazil had a GDP that was larger than India, but India is growing 7-8 per cent a year.

We are extremely happy to be very strong partners...we not only have a strong past and present, but also a strong future and we are going to need Bengaluru for that."
So we have to be prepared and we have very strong interest to exchange information with India on that."