UAE-Brazil Business Council Launches In Sao Paulo To Strengthen Economic Ties And Investment Opportunities

The UAE-Brazil Business Council recently convened its first meeting in Sao Paulo during the G20 Business Summit (B20). This gathering aimed to enhance economic ties between the UAE and Brazil. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, attended alongside Saleh Ahmed Al Suwaidi, UAE Ambassador to Brazil, Juma Al Kait, Assistant Undersecretary for International Trade at the Ministry of Economy, and a high-level UAE delegation. Representatives from major Brazilian companies were also present.

Dr Mohamed Asaad Taher from Abu Dhabi Future Energy Company – MASDAR co-chaired the meeting with Dr. Jefferson de Oliveira Gomes from Confederacao Nacional da Industria (CNI). Discussions centred on boosting trade and investment by exploring collaboration in clean energy, manufacturing, sustainable agriculture, and technology. The UAE's strategic location and infrastructure were highlighted as key advantages for business expansion into Asia and Africa.

Trade relations between the two nations have been growing steadily. Non-oil bilateral trade reached $2.64 billion in the first half of 2024. This marks an 18.2% rise compared to the same period in 2023 and a 53.9% increase since 2019. Brazil is now the UAE's largest trading partner in Latin America and second in the Americas after the United States.

Dr Taher remarked on establishing a platform for deepening economic ties through this council. He stated, "In establishing the UAE-Brazil Business Council, we are building a vital platform for deepening economic ties and unlocking new opportunities for collaboration in strategically important sectors." He praised members' dedication to expanding cooperation and creating business prospects.

Dr Gomes expressed optimism about strengthening partnerships across various sectors of mutual interest. He noted, "The council’s inaugural meeting marks a renewed commitment to the expanding strategic partnership between the UAE and Brazil across several sectors of mutual interest." The council aims to enhance trade integration and establish new cooperation avenues where both countries excel.

The meeting concluded with plans for regular strategic sessions to monitor joint initiatives' progress and reinforce economic connections. Key outcomes included leveraging emerging opportunities to drive sustainable growth and expand market access for businesses in both countries.

The UAE delegation included 12 representatives from government bodies and private companies involved in investment, renewable energy, logistics, special economic zones, defence, sports, and food production. By aligning priorities, they aim to forge impactful partnerships that will drive trade flows and stimulate investment opportunities beneficially for both nations.

The council's efforts underscore a shared vision of fostering stronger economic collaboration between these two dynamic regions. Through ongoing dialogue and cooperation, they seek to unlock new avenues for growth while reinforcing existing ties across multiple sectors of interest.

With inputs from WAM