Saudi Arabia Intensifies Trade Relations by Establishing Investment Presence in Sao Paulo
In a strategic move to fortify its economic relationships, the Saudi government has disclosed plans to establish a presence for its Investment Ministry in Sao Paulo. This initiative is designed to enhance trade and business activities between Saudi Arabia and Brazil.
The revelation occurred at the Brazil Saudi Arabia Conference, which witnessed the convergence of approximately 70 Brazilian entrepreneurs and dignitaries, including Saudi Deputy Investment Minister Ibrahim Al-Mubarak and Waleed Al-Rubaie, the ministry’s executive director. Participants also engaged in a visit to the Saudi Public Investment Fund during the event.
Joao Doria Neto, the leader of the business consortium LIDE managing the Brazilian contingent, expressed to Arab News the robust commercial bond shared by the two nations, highlighting the potential for prosperous collaborations. The bilateral trade for the previous year amounted to a substantial $6.7 billion.
“We were able to comprehend the numerous prospects for joint ventures,” he remarked, reflecting on the insights gained from the conference.
A notable visit by Brazil’s President Luiz Inacio Lula da Silva to Riyadh last year, where he met Saudi Crown Prince Mohammed bin Salman, further solidified the growing ties.
Embraer’s Vice President Caetano Spuldaro, part of the delegation, voiced his ambition for the Kingdom to serve as a central hub for the aviation company in the Middle East. He also mentioned ongoing negotiations for supplying 30-50 C-390 defense aircraft to the Saudi Royal Air Force.
The Brazilian delegation is set to proceed to the United Arab Emirates for the Brazil Emirates Conference, featuring speakers such as former Brazilian President Michel Temer and Emirati Minister for Foreign Trade Thani Al-Zeyoudi.
“The LIDE roadshow’s success in the Middle East is exhilarating. New businesses are emerging, and we’re fortifying the commercial links between Brazil and the Middle East,” declared Rodrigo Paiva, LIDE’s president in the UAE, in a conversation with Arab News.
The business mission is scheduled to conclude on Friday, marking the end of a significant chapter in the enhancement of Saudi-Brazilian economic relations.