Investment from Arab funds in Brazil adds up to nearly $20 billion, President Jair Bolsonaro said Monday (Jul 4), adding that the country’s participation in Expo Dubai generated business with total investments estimated at some $10 billion.

“The Arab world is the third largest market for Brazil overseas, after only China and the US. The trade flow between Brazil and the nations in the Arab League surpassed $24 billion in 2021, a record in this time series. That figure is likely to keep growing. From January to April, exports from Brazil to the Arab world leaped from $4 billion in 2021 to $5.2 billion in 2022,” he declared in a recorded address for the opening ceremony of the Brazil–Arab Countries Economic Forum in São Paulo.

In Bolsonaro’s view, Brazil’s ties with the Arab world have grown deeper over the years. As it stands today, Brazil boasts 18 diplomatic representations across the 22 countries making up the Arab League. The Arab community in Brazil includes 10 million people.

“As the international community seeks ways to ensure the world’s food security, the connection between Brazil and the Arab world grows stronger. Even in face of the challenges posed by the pandemic, our country retains its instrumental role as food supplier. Brazil is currently the world’s top exporter of halal protein. In addition to the trade of chicken and beef, our exports of sugar, soy, and wheat are also on the rise. On the other hand, 26 percent of fertilizers that supply Brazilian agribusiness come from the Arab world,” the president noted.

Trade

Algeria, Bolsonaro went on to point out, was Brazil’s main trade partner in Africa back in 2021. Egypt—one of the world’s biggest markets for Brazilian beef—is the main destination of Brazilian exports in the continent.

“In terms of imports, our main supplier in the African continent has been Morocco, a country that ranks first among fertilizer suppliers in Brazil today, after Canada and Russia,” the president declared.

The fourth edition of the Brazil-Arab Countries Economic Forum is promoted by the Arab–Brazilian Chamber of Commerce. The initiative is dedicated to the bilateral relationship between Brazil and the 22 countries making up the Arab League.

Bilateral meetings should be held with business delegations from Lebanon, the United Arab Emirates, Egypt, Kuwait, Jordan, and other nations, to be attended by at least 120 entrepreneurs.

Source: Agência Brasil