Yes Bank, one of India’s largest private sector banks, has signed a memorandum of understanding (MoU) with the India-Brazil Chamber of Commerce to boost bilateral trade.
Their cooperation will cover areas such as project consultancy, B2B opportunities, and skill and technology initiatives.
The MoU signing comes in the run up to the 8th Annual BRICS Summit to be held in New Delhi this year.
The core sectors covered in the MoU are sports, media and entertainment, infrastructure, and innovation-driven business opportunities.
Yes Bank and IBCC will jointly explore exchange of best practices in sports goods manufacturing, CSR in sports and talent management. IBCC will also recommend Yes Bank as the preferred bank to Brazilian companies looking to do business in India.
"India’s relations with its BRICS partners and Brazil in particular hold tremendous strategic importance and Yes Bank endeavours to play a crucial role in facilitating foreign trade and investment amongst the partner nations," said Rana Kapoor, managing director and chief executive officer of Yes Bank.
"I strongly believe that this strategic partnership, built on common principles and shared goals, must transcend to a higher level of economic and cultural exchange between natural partners of choice," Kapoor said.
India and Brazil had trade worth $11.42 billion in 2014.
"IBCC has been working throughout its 12 years of existence with a very diversified range of projects, since promoting of Bollywood in Brazil until bring over the Brazilian football to India, from the importation of Indian medicines until the exportation of Brazilian banking solutions, as too many others," said Ashutosh Gupta, president of the India Brazil Chamber of Commerce.
The chamber, founded in 2003 in Brazil, is a non-profit organisation and aims to foster economic, cultural and tourism ties between India and Brazil.
Caption: Rinki Dhingra, senior president and country head for multinational corporate banking at Yes Bank, the Brazilian Ambassador to India, Tovar da Silva Nunes, and Ashutosh Gupta, president of the India Brazil Chamber of Commerce
BW Reporters
The author is Senior Correspondent with BW Businessworld
