The Saudi-Brazilian Business Forum, a pivotal event that brought together 150 investors from varied economic sectors of Saudi Arabia and Brazil, was conducted recently. The forum served as a platform to bolster the robust economic ties between the two nations, which have been nurtured over 55 years, and currently boast a trade volume of approximately $8 billion.
In his address, the Saudi Ambassador to Brazil, Dr. Faisal Ghulam, accentuated Brazil’s significance as a trade ally and alluded to the productive outcomes of the Brazilian president’s visit to the Kingdom, notably the inception of a bilateral coordination council.
The economic strides taken by Saudi Arabia, under the ambit of Vision 2030, were commended by Luiz Fernando Furlan, the Chairperson of the Brazilian LIDE Group. He conveyed that these advancements present Brazilian investors with substantial opportunities within the Saudi market.
Mishal bin Hithlain, Chair of the Saudi-Brazilian Business Council, emphasized the strategic partnership potential following the establishment of the Saudi-Brazilian Coordination Council. He outlined the council’s objectives to foster the partnership, surmount challenges, and streamline the visa process for business communities in both countries.
The enthusiasm for Saudi Arabia’s Vision 2030 and its initiatives was echoed by João Doria, head of the Brazilian LIDE Group, who encouraged entrepreneurs to seek out the lucrative investment avenues available. Abdul Malik Al-Qahtani, representing the Brazilian LIDE Group in the Kingdom, pledged his commitment to enhancing economic relations and facilitating business operations, including visa acquisition.
The forum’s sessions delved into the myriad of trade and investment prospects in sectors such as aviation, energy, logistics, mining, agriculture, food security, real estate, healthcare, and pharmaceuticals. This inaugural event marked the LIDE Group’s first forum since establishing its Riyadh office, signaling a mutual aspiration to deepen economic cooperation between the two countries.