Saudi Arabia-Brazil business forum explores boosting partnerships

Bilateral trade between the two countries has reached $8 billion
Saudi Arabia-Brazil business forum explores boosting partnerships
The forum's working sessions delved into potential trade and investment partnerships across multiple sectors (Photo: SPA)

In a significant stride towards fostering stronger economic ties between Saudi Arabia and Brazil, the Federation of Saudi Chambers and the Brazilian LIDE Group convened the Saudi-Brazilian Business Forum. The event, attended by 150 investors from Saudi Arabia and Brazil representing diverse sectors, shed light on the growing volume of trade between the two nations, which stands at $8 billion. Moreover, it served as a platform to explore avenues for trade and investment collaboration between the two nations.

Saudi-Brazilian economic relations

Delivering a keynote speech, Saudi Arabia’s ambassador to Brazil, Dr. Faisal Ghulam, underscored the robust economic relations that both countries share, spanning over five decades. With bilateral trade reaching $8 billion, Dr. Ghulam emphasized Brazil’s pivotal role as a key trading partner for the Kingdom. He highlighted the positive outcomes of the Brazilian president’s recent visit to Saudi Arabia, which led to the establishment of a joint coordination council aimed at bolstering cooperation.

For his part, chairman of the board of directors of the Brazilian LIDE Group, Luiz Fernando Furlan, praised Saudi Arabia’s economic developments under Vision 2030. He also added that this gives investors from Brazil significant investment opportunities in Saudi Arabia’s market.

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Elevating bilateral partnership

Mishal bin Hithlain, chairman of the Saudi-Brazilian Business Council, emphasized that the creation of the Saudi-Brazilian Coordination Council marks a significant milestone. Hence, it elevates the bilateral relationship between Saudi Arabia and Brazil to a strategic partnership level. Moreover, Hithlain outlined the council’s objectives to advance partnerships, tackle challenges, and streamline visa procedures for the business communities of both nations.

The forum’s working sessions delved into potential trade and investment partnerships across multiple sectors. This includes aviation, energy, logistics services, mining, agriculture, food security, real estate, healthcare, and pharmaceutical industries. These discussions underscored the diverse avenues for collaboration and mutual benefit for both Saudi Arabia and Brazil.

Expressing admiration for Saudi Arabia’s Vision 2030, the head of LIDE Group, João Doria, urged businessmen to explore the vast investment opportunities available in both Saudi Arabia and Brazil. Moreover, he highlighted the potential for synergy and collaboration in various sectors.

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