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Saudi Arabia’s investment minister to attend investment forum in Brazil
Saudi Arabia’s Investment Minister Khalid Al Falih is expected to participate in an investment forum in Sao Paulo, Brazil, on Monday, according to the Arab-Brazilian Chamber of Commerce.
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Al Falih, accompanied by a delegation of over 70 members representing public and private Saudi companies, is set to hold meetings with Brazil’s Vice President Geraldo Alckmin to strengthen Saudi-Brazilian bilateral ties and bolster investment opportunities in the South American country, the Chamber of Commerce’s stated on its website.
Along with Alckmin – also Brazil’s Development, Industry, Trade and Services Minister – the event will see Saudi Arabia’s ambassador to Brazil Faisal Ghulam and chairman of Brazil’s Federation of Industries of the State of Sao Paulo (FIESP) Josue Gomes da Silva in attendance.
Prominent businesspeople in Brazil and affiliated unions will also participate in the investment forum.
The event is organized by FIESP in partnership with Saudi Arabia’s investment agency Invest Saudi, and will be broadcasted live at 3 p.m. (Arabian Standard Time)
Saudi Arabia-Brazil ties
Brazil has maintained close ties with Saudi Arabia since the first official visits from the two countries took place in 1973.
Bilateral relations gained momentum in the following years with the current Brazilian President Luiz Inacio Lula da Silva visiting Saudi in 2009, followed by meetings of the bilateral joint commission in 2015 and the establishment of the Saudi-Brazilian Parliamentary Friendship Group in 2018, according to Brazil’s Ministry of Foreign Affairs.
Economic relations between the two nations have also improved over the years. Saudi Arabia is one of Brazil’s leading trading partners and oil suppliers in the Middle East and northern Africa region. In 2018, trade exchange reached 4.4 billion dollars, Brazil’s Ministry of Foreign Affairs stated on its website.
In 2019, Brazil and Saudi Arabia announced a joint statement on the Saudi-Brazilian Strategic Investment Partnership, which would see the Kingdom’s Public Investment Fund invest up to $10 billion in mutually beneficial projects.
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