Saudi-Brazilian Forum Explores Six-Sector Economic Partnerships

The Federation of Saudi Chambers, in collaboration with the Brazilian LIDE Group, hosted the Saudi-Brazilian Business Forum today, marking a significant step towards strengthening economic ties between Saudi Arabia and Brazil. The forum saw participation from 150 investors across various sectors from both countries, underlining the diverse economic interests that bind these two nations together.

During the event, Saudi Ambassador to Brazil, Dr. Faisal Ghulam, emphasized the enduring economic relationship between Saudi Arabia and Brazil, which has spanned approximately 55 years. He highlighted Brazil's role as a key trading partner for the Kingdom, with trade volumes reaching $8 billion. Dr. Ghulam also reflected on the successful visit of the Brazilian president to the Kingdom, which led to the creation of a joint coordination council aimed at bolstering bilateral relations.

Luiz Fernando Furlan, Chairman of the Board of Directors of the Brazilian LIDE Group, commended the economic progress in Saudi Arabia, particularly in light of Vision 2030. He pointed out that these developments present lucrative investment opportunities for Brazilian investors in the Saudi market. Similarly, Mishal bin Hithlain, Chairman of the Saudi-Brazilian Business Council, underscored the strategic partnership potential between the two countries facilitated by the newly established coordination council.

João Doria, head of the Brazilian LIDE Group, expressed his admiration for Saudi Arabia's Vision 2030 and its ambitious projects. He encouraged businessmen to seize the vast investment opportunities available in both countries. Abdul Malik Al-Qahtani, representing the Brazilian LIDE Group in Riyadh, pledged to support the business sectors and enhance economic relations between Saudi Arabia and Brazil.

The forum's sessions delved into trade and investment partnership opportunities across several key industries including aviation, energy, logistics services, mining, agriculture and food security, real estate, health care, and pharmaceuticals. This event marked LIDE Group's first forum in Riyadh since opening its office there, reflecting a mutual desire to expand economic cooperation between Saudi Arabia and Brazil.

With inputs from SPA