ALBAWABA - With the goal of enhancing commercial and economic relations, the Federation of Saudi Chambers and the Brazilian LIDE Group organized the Saudi-Brazilian Business Forum in Riyadh, as reported by Saudi Press Agency, gathering over 150 investors from both nations.
In his keynote address, Dr. Faisal Ghulam, the ambassador of Saudi Arabia to Brazil, emphasized the strong financial ties that have existed between the two countries for more than 50 years writes Economy Middle East, resulting in more than $8 billion in bilateral trade
Dr. Faisal Ghulam also praised President Lula da Silva's visit to the Kingdom late last year, which led to the formation of a Saudi-Brazilian coordination committee. The chairman of Lide's board, Luiz Fernando Furlan, added that Saudi Vision 2030 is offering substantial prospects to Brazilian businesses and opening up new trade routes.
Saudi Prince Mohammed bin Abdulrahman bin Abdulaziz (R), Deputy Governor of Riyadh Region, welcoming Brazilian President Luiz Inacio Lula da Silva and members of his delegation, in Riyadh on November 28, 2023. (SAUDI PRESS AGENCY / AFP)
The Saudi government said at the conference on Tuesday, according to Arab News, that it is considering the possibility of establishing a bureau for its Investment Ministry in Sao Paulo as a means to increase trade and economic relations with Brazil.
According to The Brazilian Reporter, Embraer, a Brazilian plane maker, is in the process of selling its cutting-edge 33 C-390 Millennium military cargo aircraft to Saudi Arabia, with broader plans to include the establishment of Embraer training facilities in the kingdom, an aircraft finishing facility, an engineering office, and an equipment manufacturing line.
