BRAZILIAN President Luiz Inacio Lula da Silva on Sunday described his current visit as having a ‘’characteristic that is very special’’ while recalling how his 2005 trip to India fundamentally reshaped Brazil’s economic strategy.
He highlighted the deep cultural and financial ties between the two nations, noting that India served as the inspiration for Brazil’s massive build-up of international hard currency reserves.
Reflecting on that turning point, President Lula stated, ‘’It was in India in 2005 that, for the very first time, I perceived the importance of having international hard currency reserves. I came here, my first trip, and India had accrued US$ 100 billion in international hard currency reserves. I came back to Brazil convinced that we needed to build up our international reserves, and we had to have an extra buffer.’’
The Brazilian President in his address to the India-Brazil Economic Forum in New Delhi, further explained the long-term impact of that policy shift, noting, ‘’We managed to do that for the very first time. We left that position of debtors of the IMF to the creditors of the IMF. We accrued reserves of international hard currencies of US$ 360 billion. That was the third or fourth largest international reserve in the world in those days.’’
Linking economic cooperation with cultural diplomacy, the President expressed appreciation for the hospitality extended by his Indian hosts, which mirrored a gesture he had earlier arranged for Prime Minister Narendra Modi.
At a state dinner and lunch with PM Modi, Brazilian President Lula was touched by the performance of “Asa Branca” and other Brazilian songs, reciprocating a surprise they arranged for Modi in Brazil last year with his favourite song. Lula highlighted this visit as closing a cycle of international trips to restore Brazil’s global image and negotiation power during his third term. In just over three years, Brazil created 520 new markets for its goods, far surpassing past achievements and strengthening its worldwide standing.
ANI
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