Dear Reader,
Greetings. When India, Brazil and South Africa set up IBSA, an apex trilateral trade organization to further forge South-South cooperation, they knew its potential. Because, the economies of the world's three most important developing nations from three continents are inclusive and on the right trajectory of growth. The first IBSA Summit, in which Indian Prime Minister Manmohan Singh, Brazilian President Luiz Inacio Lula da Silva and President Mbeki of South Africa participated, was held in Brazil in September 2006. An IBSA Business Summit that preceded the top leaders' conclave provided the right issues for their discussion and added a new dimension to their interactions. As Prime Minister Singh put it, “The important thing was that we brought together a powerful team of business leaders from all the three countries and also greatly encouraged possibilities of joint ventures, investment in pharmaceuticals, agriculture, food processing and in energy. So people to people, business to business contact in some ways are far more important than government contacts,” In fact, IBSA has started yielding results. India's ONGC Videsh has acquired a stake in Brazil's Petrobras. Similarly the Brazilian counterpart is also exploring the possibility of investment in India. The cover story of the current issue of Indo-LAC Business is on the IBSA summit and its spin-offs in terms of trilateral trade and individual economic benefits for all the three countries. Brazil and India share many similarities, agriculture being the most important among them. Brazil is ahead of India in developing agri-business and food processing industries. India's agri-business sector is now poised for a big leap and Brazil is the right country to draw upon the technological know-how to propel it. We carry a report. The focus section of the current issue covers two reports - MERCOSUR preparing IMF reform proposals and poor Latin American countries' waiting for debt cancellation. Small and Medium Businesses in both India and Brazil face similar challenges, especially in the fast-growing ICT sector. A study covering both countries suggests that growth of domestic markets is vital for the ICT sector to survive and thrive. Brazil is a country of silver-sand beaches and dense rainforests. It offers opportunities for both pleasure and adventure tourism. Visiting Brazil can be a once-in-a-lifetime experience. The issue carries a detailed report on Brazilian tourism. In addition to all these items are our regular features.
Wish you happy reading,

Satya Swaroop
Managing Editor
satya@newmediacomm.biz