India to invest $1.6 Billion in Brazil amid energy crisis, says Jaishankar

India will be buying more crude oil from Guyana, Mexico and Brazil, said Jaishankar on Wednesday, while interacting with prominent businessmen in Brazil. He further said that India and Brazil are not only partners but can share best practices for their mutual growth and progress.

New Delhi: Ukraine crisis has led to an energy challenge and in view of this, India has ramped up energy investment and will invest $1.6 bn in Brazil, says External Affairs Minister Jaishankar, who is currently on a visit to the South American nation.

India will be buying more crude oil from Guyana, Mexico and Brazil, said Jaishankar on Wednesday, while interacting with prominent businessmen in Brazil. He further said that India and Brazil are not only partners but can share best practices for their mutual growth and progress. Minister Jaishankar is on an official visit to Brazil, Paraguay, and Argentina from August 22-27. This is his first-ever official visit to South America.

The External Affairs Minister (EAM) posted a tweet on his current tour: "A useful interaction at LIDE, an association of entrepreneurs of Brazil. The networking of established Brazilian entrepreneurs with a growing Indian presence in Brazil was visible. India & Brazil are not only partners but can share best practices for their mutual growth & progress".

"Visited Federation of Industries of the State of São Paulo, the largest Industry association of Brazil. Presentations from WEG, @embraer, and UNICA reaffirmed the significant opportunities that exist for greater business cooperation", he tweeted.

In Sao Paulo, Jaishankar pointed out that India has done FTA (free trade agreement) with Australia, and UAE & is negotiating with the EU while explaining, "one which is more likely to happen right now is one with the UK, the target is to be done by end of this year".

On Monday, Jaishankar concluded his first-ever official visit to Paraguay and held talks with the country's leadership, and vowed to bolster bilateral ties. He inaugurated the Indian Embassy in Paraguay's capital city, Asuncion.