UAE-Brazil Business Council Launches in Sao Paulo to Strengthen Economic Ties

SAO PAULO: The UAE-Brazil Business Council convened for its inaugural meeting in Sao Paulo, coinciding with the G20 Business Summit (B20), with the aim of enhancing trade and investment relations between the United Arab Emirates and Brazil. According to Emirates News Agency, the meeting was attended by prominent figures including Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Saleh Ahmed Al Suwaidi, UAE Ambassador to Brazil, along with a high-level UAE delegation of officials and business leaders. Brazilian representation included executives from some of the country's largest companies. Dr. Mohamed Asaad Taher of Abu Dhabi Future Energy Company - MASDAR and Dr. Jefferson de Oliveira Gomes of Confederacao Nacional da Industria (CNI) co-chaired the meeting, representing the UAE and Brazil respectively. Discussions centered on enhancing UAE-Brazil trade and investment by exploring collaboration in sectors such as clean energy, manufacturing, sustainable agriculture, and technology . The UAE's position as a strategic business hub for Asia and Africa was underscored, highlighting its location, infrastructure, and regulatory environment. The council aims to develop partnerships that will boost trade flows, encourage investment, and create opportunities for economic cooperation. Dr. Taher emphasized the importance of the council in fostering economic ties and collaboration in key sectors, expressing eagerness to work with Brazilian partners. Dr. Gomes reiterated the council's role in strengthening strategic partnerships and broadening trade and investment integration across sectors of mutual interest. The council concluded with a pledge to hold regular meetings to track joint initiatives and strengthen economic relations. The outcomes stressed the potential of emerging opportunities for sustainable growth and market access expansion for businesses in both countries. Trade between the UAE and Brazil has shown steady growth, with non-oil bilateral trade reaching $2.64 billion in the first half of 2024, an 18.2% increase compared to the same period in 2023 and a 53.9% increase over 2019. Brazil is currently the UAE's largest trading partner in Latin America and the second largest in the Americas, after the United States. The UAE delegation at the Business Council included 12 representatives from government and private sectors, covering investment, renewable energy, logistics, special economic zones, defense, sports, and food production.