One sentence summary – Saudi Arabia’s Investment Minister expressed optimism about deepening economic ties with Brazil at the Brazil-Saudi Arabia investment forum, as both countries seek to attract investments and strengthen their economic relationship through trade and partnerships in sectors such as mining, meatpacking, and agriculture.
At a glance
- Saudi Arabia’s Investment Minister expresses optimism about deepening economic ties with Brazil
- Saudi Arabia has invested billions in Brazil’s mining and meatpacking sectors as part of its Vision 2030 reform program
- Brazil sees an opportunity to attract Saudi investments in industry and infrastructure
- Brazil aims to secure supplies of Saudi fertilizers for agricultural production
- Saudi Arabia’s investments in Brazil have not faced significant backlash over human rights concerns
The details
Saudi Arabia’s Investment Minister has expressed optimism about deepening economic ties with Brazil.
This was stated at the Brazil-Saudi Arabia investment forum.
Saudi Arabia, as part of its Vision 2030 reform program, has invested billions in Brazil’s mining and meatpacking sectors.
Brazil sees an opportunity to attract Saudi investments in industry and infrastructure.
Brazil also aims to secure supplies of Saudi fertilizers for agricultural production.
Notably, Saudi Arabia’s investments in Brazil have not faced significant backlash over human rights concerns.
Recent trips by government officials from both countries have focused on discussing greater trade and investments.
In a significant move, Saudi firm Manara Minerals acquired a 10-percent stake in Brazil mining company Vale’s base metals sector.
Manara Minerals aims to contribute to global supply chains and the global energy transition.
Highlighting the agricultural sector, Brazil’s Agriculture Minister led a delegation to Saudi Arabia.
The kingdom authorized Brazil goat imports.
Additionally, Brazilian meatpacking giant BRF entered a joint venture with PIF-backed Halal Products Development Company.
This move further enhances bilateral trade.
Saudi Arabia and Brazil have been each other’s main trading partners in their respective regions for decades.
The partnership has deepened in recent years.
Saudi Arabia invited Brazil and Argentina to a meeting seeking support for Ukraine’s peace plan.
While Saudi Arabia has been invited to join the BRICS economic group, it has not yet confirmed its ascension.
It is important to note that Saudi Arabia’s deepening ties with Brazil and other countries are not seen as a snub to traditional partners like the US and Europe.
Rather, the growing interest in Brazil reflects wider geopolitical changes and the economic geography of the world.
However, former Brazilian President Jair Bolsonaro has been involved in a scandal involving gifts from Saudi Arabia.
This has raised some concerns.
Some analysts remain skeptical about the potential of the Brazil-Saudi relationship due to Saudi Arabia’s rights record.
Nevertheless, business pragmatism is expected to guide the growth of the relationship.
Brazil is selling food, resources, and attracting investments.
The partnership between Saudi Arabia and Brazil is poised to deepen.
Significant investments in mining, meatpacking, and agriculture are being made.
Both countries are actively exploring opportunities for trade and investments.
They aim to strengthen their economic ties in line with their respective national strategies.
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| aljazeera.com |
|---|
| – Saudi Arabia’s investment minister expressed optimism about deepening economic ties with Brazil at the Brazil-Saudi Arabia investment forum. |
| – Saudi Arabia has invested billions in Brazil’s mining and meatpacking sectors as part of its Vision 2030 reform program. – Brazil sees an opportunity to attract Saudi investments in industry and infrastructure and secure supplies of Saudi fertilizers for agricultural production. |
| – Saudi Arabia’s investments in Brazil have not faced significant backlash over human rights concerns. – |
| Recent trips by government officials from both countries have focused on discussing greater trade and investments. |
| – Saudi firm Manara Minerals acquired a 10-percent stake in Brazil mining company Vale’s base metals sector. |
| – Manara Minerals aims to contribute to global supply chains and the global energy transition. – Brazil’s Agriculture Minister led a delegation to Saudi Arabia, and the kingdom authorized Brazil goat imports. |
| – Brazilian meatpacking giant BRF entered a joint venture with PIF-backed Halal Products Development Company. |
| – Saudi Arabia and Brazil have been each other’s main trading partners in their respective regions for decades. – |
| The partnership has deepened in recent years, with Saudi Arabia inviting Brazil and Argentina to a meeting seeking support for Ukraine’s peace plan. |
| – Saudi Arabia has been invited to join the BRICS economic group but has not yet confirmed its ascension. |
| – Saudi Arabia’s deepening ties with Brazil and other countries are not seen as a snub to traditional partners like the US and Europe. – |
| The growing interest in Brazil reflects wider geopolitical changes and the economic geography of the world. |
| – Former Brazilian President Jair Bolsonaro has been involved in a scandal involving gifts from Saudi Arabia. – Some analysts remain skeptical about the potential of the Brazil-Saudi relationship due to concerns about Saudi Arabia’s rights record. |
| – Business pragmatism is expected to guide the growth of the relationship, with Brazil selling food, resources, and attracting investments. |
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