Brazil Committed To Economic Growth And Social Inclusion, Says Acting President At FII Summit

During the final day of the FII Priority Summit in Rio de Janeiro, Brazilian Vice President Geraldo Alckmin highlighted recent positive economic developments in Brazil. He pointed to a declining inflation rate and a rise in GDP as key indicators of the country's progress. "Brazil has seen a dramatic decline in unemployment, leading to improvement in incomes for citizens. This marks the strongest income improvement since the implementation of the Real Plan," Alckmin stated to Gulf region business leaders and investors.

With President Lula travelling to Italy for the G7 Summit, Alckmin is currently acting as president. He addressed a global audience, emphasising the Lula administration's commitment to fiscal responsibility and tax reform aimed at easing taxes on investments and exports. "Studies show that in 15 years, tax reform alone could boost GDP by 12%, increase investments by 14%, and exports by 17%. It is an extremely important structural reform," he noted.

Alckmin also stressed Brazil's dedication to sustainable development and social welfare. "Brazil is committed to inclusive development, leaving no one behind. Unfortunately, we had 30 million people suffering from food insecurity. We are advancing significantly. Our development is sustainable, with a commitment to combating climate change and preserving the Amazon," he said.

The event's theme, "Investing in Dignity," was underscored by Alckmin's assertion that "development is the new name for peace," highlighting that "true peace exists where there are jobs, income, and a dignified life."

Positive Reception from UAE Business Leaders

The Brazilian vice president's message resonated strongly with UAE businessmen attending the event. Michael Majdalany, who manages Patria’s Middle East office in Dubai, expressed optimism about business opportunities in Brazil. "There is a tremendous opportunity in Brazil. It serves as an agriculture leader and breadbasket to the world, a geopolitical safe harbour, and more broadly, Latin America has recently become a top global FDI destination," he stated.

Majdalany conveyed a message back to the UAE, noting the palpable buzz and genuine desire to strengthen ties with these dynamic growth markets. "As the Global South and the BRICS nations become a stronger voice on the global stage, and investment ties deepen," he remarked, events like the one in Rio de Janeiro bring Brazilian and Middle Eastern markets closer together.

With inputs from WAM