Arab nations investing heavily in Brazil: President
LONDON (AA) – Brazilian President Jair Bolsonaro has said that trade between Brazil and Arab League nations reached “a record” of more than $24 billion in 2021.
“This figure is expected to continue rising. From January to April, Brazil’s exports to the Arab world jumped from $4 billion in 2021 to $5.2 billion in 2022,” said Bolsonaro at the opening of the Brazil & Arab Countries Economic Forum in Sao Paulo on Monday.
He added that Brazil’s main trade partner in Africa last year was Algeria while Egypt was one of the largest markets for Brazilian beef.
Bolsonaro said the Arab market is the third-largest international market for Brazil, behind China and the US.
Bolsonaro also touched on food security and said ties with Brazil and the Arab world have gained momentum.
“At a time when the international community is seeking efforts to guarantee the world’s food security, the link between Brazil and the Arab world is strengthened. Not even in the face of the challenges imposed by the pandemic have we stopped playing our role in the food supply. Brazil is today the largest exporter of halal protein in the world… 26% of the fertilizers that supply Brazilian agribusiness come from the Arab world.”
Brazilian Vice President Hamilton Mourao also highlighted that 80% of trade to Arab markets are agricultural commodities while the main imports are mineral fuels and fertilizers.
He pushed for more key collaboration with Arab partners, specifically in areas of technology and investment. “Brazil has become the largest producers of halal protein in the world and is working to provide other products adapted to the customs and traditions of the Islamic religion.”
The fourth Brazil-Arab Countries Economic forum was promoted by the Arab-Brazilian Chamber of Commerce to strengthen relations between Brazil and the 22 nations of the League of Arab States, with business delegations from Lebanon, the United Arab Emirates and Jordan, amongst others.
There are around 10 million people from the Arab community in Brazil.
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