Brazil and Saudi Arabia took a significant step towards bolstering economic cooperation on Monday as the Ministry of Investment organized the Brazilian-Saudi Investment Forum, Saudi Press Agency (SPA) announced.
The event brought together prominent figures from both nations and resulted in the signing of 25 memoranda of understanding (MoUs) across a diverse range of industries.
The Forum, held in Brazil, saw the participation of high-profile dignitaries including Brazil’s Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, and Saudi Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih. Among other notable attendees were the Mayor of Sao Paulo, Ricardo Nunes, Saudi Ambassador to Brazil, Faisal bin Ibrahim Ghulam, and President of the Federation of Industries of the State of Sao Paulo, Josue Gomes.
The 25 MoUs inked during the event encompassed critical sectors such as petrochemicals, healthcare, defense, food, real estate, tourism, water desalination and treatment, and agriculture.
This collaboration represents a unique opportunity for companies from both countries to foster knowledge exchange and explore potential partnerships while delving into various investment prospects.
During the forum, presentations were made regarding the “INVEST SAUDI” initiative, highlighting investment opportunities in the Kingdom’s economic zones and the visionary Riyadh Expo 2030.
Meanwhile, Brazilian authorities showcased the vast investment possibilities in their country, with particular emphasis on the investment-friendly environment in Sao Paulo.
The Brazilian-Saudi Investment Forum also brought together CEOs of major companies and representatives from the private sectors of both nations. SPA reported that the diversity of participants enabled fruitful discussions and provided ample room for exploring avenues for collaboration.
Dialogue sessions were held to delve into several sectors, including transportation, logistics services, mining, food industries, agriculture, healthcare, sports, and entertainment. These discussions aimed to identify synergies and potential future projects that could further enhance the bilateral relationship.
The Brazilian-Saudi Investment Forum was aimed to serve as a testament to the commitment of both countries in seeking mutually beneficial partnerships and fostering a conducive environment for business and investment.
SPA reported that the collaborations between the two nations are hoping to pave the way for sustainable growth and progress, while further strengthening the diplomatic ties between Brazil and Saudi Arabia.