Saudi Arabia and Brazil enjoy robust bilateral trade activities: US$ 4.118 billion in the first ten months of 2010
FEATURED STORIES
Until October 2010, trade activity between Saudi Arabia and Brazil has reached US$ 4.118 billion (SAR 15.4 billion), 45.3 per cent higher than the first ten months of 2009, which stood at US$ 2.835 billion (SAR 10.6 billion), according to recent statistics from the Ministry of Development, Industry and Foreign Trade in Brazil. Brazilian exports to Saudi Arabia alone have reached a value of over US$ 2.485 billion (SAR 9.3 billion) from January to October 2010, representing a 51.3 per cent increase over the same period in 2009 and reinforcing Saudi Arabia's status as the main destination of Brazilian exports to the Middle East. Taking advantage of the robust trade relations between Saudi Arabia and Brazil, a group of 50 high-profile Brazilian companies led by Brazilian Minister of Development, Industry and Foreign Trade, H.E. Miguel Jorge, will have special business meetings with their Saudi counterparts during a matchmaking event in Riyadh, held by Apex-Brasil (Brazilian Trade and Investment Promotion Agency) and the Brazilian Ministry of Development, Industry and Foreign Trade with the support of the Brazilian Ministry of Foreign Affairs and the Arab-Brazilian Chamber of Commerce. The matchmaking event, organized by Riyadh Exhibitions Company (REC), seeks new distributors, business partners and investors for a wide range of Brazilian products and services. Named 'Brazil’s Trade & Investment Mission to Saudi Arabia', it will be held on December 4th, 2010, at the Faisaliah Hotel in Riyadh, to introduce the latest Brazilian products and technology in key developing sectors such as infrastructure development, real estate and agribusiness. Aiming to boost trade with this country and attract investment into Brazil, the program includes seminars on investment opportunities in agribusiness and infrastructure, business rounds with local buyers as well as an edition of the project “Flavours of Brasil”. Focused on positioning Brazilian brands of food and beverage in strategic markets, the project will present the main products featuring the Brazilian taste to Saudi importers. The mission will gather 75 Brazilian companies that will also visit Kuwait, Qatar, Syria and UAE. Out of these, 50 companies will participate in the business rounds in Riyadh – 20 companies of the house and construction sector and 30 companies of the food and beverage sector. Other 25 representatives of companies and institutions will participate in the seminars, which are expected to be attended by approximately 50 potential investors in each country. Diya Abdo, project manager of ‘Brazil’s Trade & Investment Mission to Saudi Arabia’ at Riyadh Exhibitions Company, declared: "Being the world’s sixth largest economy and the world’s largest exporter of agricultural and industrial products, Brazil offers a wealth of business and investment opportunities for the Saudi business community. It is, therefore, strategically important to provide a dedicated business-to-business networking platform that will promote trade relations and facilitate new business agreements, projects and other trade activities for enterprises and investors of both countries." "Moreover, this is a very favourable time for Saudi businessmen to expand their investment activities in Brazil as the South American country has been preparing to host the 2014 World Cup and the 2016 Olympics, creating billions of Saudi Riyals in opportunities for foreign investors. ‘Brazil’s Trade & Investment Mission to Saudi Arabia’ will provide specific information about fresh business opportunities that have emerged for Saudi companies in light of the upcoming global sporting events to be held in Brazil," added Abdo. Saudi Arabia currently accounts for 29.1 per cent of Brazilian exports to Middle Eastern countries, which have totalled US$ 8.548 billion between January and October 2010. The total share of Saudi Arabia in Brazil's global exports has increased from 1.3 per cent to 1.5 per cent, establishing the country as the 18th largest importer of Brazilian products. Key industry players in the food and beverage as well as real estate and construction sectors are expected to attend ‘Brazil’s Trade & Investment Mission to Saudi Arabia’. Discussions will include supply of various food products from Brazil such as beef, poultry, fruit and juices, biscuits, confectionary, dairy products, fine foods, and coffee. The event will also feature home and construction products from Brazil, including ceramic products, furniture, plastic products, lighting products, stones and stonework, construction tools and accessories, and tempered glass.
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