https://arab.news/87hh8
- Announcement made during Brazil Saudi Arabia Conference
- The countries ‘have a solid commercial relationship’ with opportunities for ‘successful partnerships,’ LIDE president tells Arab News
SAO PAULO: The Saudi government announced on Tuesday that it is considering opening an office of its Investment Ministry in Sao Paulo, with the aim of boosting trade and business with Brazil.
The announcement was made during the Brazil Saudi Arabia Conference, which gathered a delegation of around 70 Brazilian businesspeople and officials, Saudi Deputy Investment Minister Ibrahim Al-Mubarak and the executive director of the ministry, Waleed Al-Rubaie. The event program included a visit to the Saudi Public Investment Fund.
Joao Doria Neto, president of the business group LIDE, which is overseeing the Brazilian delegation, told Arab News that the two countries “have a solid commercial relationship” with opportunities for “successful partnerships.” Bilateral trade last year reached $6.7 billion.
At the conference, “we were able to understand the countless possibilities for bilateral business,” he said.
At the end of last year, Brazil’s President Luiz Inacio Lula da Silva visited Riyadh and was welcomed by Saudi Crown Prince Mohammed bin Salman.
On Monday, Embraer Vice President Caetano Spuldaro, who is part of the delegation, said he wants the Kingdom to be a hub for his aviation company in the Middle East.
He added that he is negotiating the sale of 30-50 C-390 defense aircraft to the Saudi Royal Air Force.
On Wednesday, the delegation will head to the UAE for the Brazil Emirates Conference. Among the speakers will be former Brazilian President Michel Temer and Emirati Minister for Foreign Trade Thani Al-Zeyoudi.
“We’re excited about the success of the LIDE roadshow in the Middle East. Businesses are being initiated, and we’re strengthening trade relations between Brazil and the Middle East,” Rodrigo Paiva, president of LIDE in the UAE, told Arab News.
The mission ends on Friday.