UAE among largest international investors in Brazil: UAE Chambers

Abdullah Al Mazrouei, Chairman of the Federation of the UAE Chambers of Commerce and Industry (UAE Chambers), and Chairman of the Abu Dhabi Chamber of Commerce and Industry, affirmed the strength of the UAE-Brazilian relations in various sectors, driven by the support of the two countries’ leadership, which reflected positively on the levels of bilateral trade, economic cooperation and mutual investments.

In statements to the Emirates News Agency, on the occasion of the visit of Brazilian President Luiz Inácio Lula da Silva to the UAE, Al Mazrouei said that this visit reaffirms the Brazilian leadership’s keenness to continue strengthening bilateral ties across various domains, especially development and economy, in a way that serves the mutual benefit of the two friendly countries.

The Chairman of UAE Chambers stated that the UAE is among the largest international investors in Brazil, calling on the two countries’ business environments to explore more commercial and investment opportunities, launch joint initiatives and projects, and focus on priority and competitive sectors on both sides, such as energy, sustainability, food security, mining, information technology, and pharmaceutical industries.

Al Mazrouei stressed that bilateral relations between do not stop at the UAE and Brazilian markets, pointing out that the UAE market is a commercial gateway and an ideal starting point for access to the Arab, Indian, Asian and African markets, which represents an ideal opportunity for the Brazilian business sector by benefiting from the attractive business environment and infrastructure.

“On the other hand, the UAE is looking forward to benefit from the promising investment and trade opportunities in the Brazilian market - the largest market in Latin America - and build on its distinguished relations with the Brazilian side to enhance its economic presence in the South American continent, in line with the UAE’s economic diversification policies and economic strategic goals,” he added.

Al Mazrouei concluded by stating that that the Federation of the UAE Chambers of Commerce and Industry is keen on supporting Brazilian industrial companies wishing to establish economic, commercial and investment cooperation relations with industrial companies and institutions operating in the Emirates.

According to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, UAE-Brazil relations are steadily improving since they are built on advancing the shared interests of the two friendly nations.

“Such high-level official visits help advance these relations to the level of strategic partnership and comprehensive cooperation between the two countries in many important fields of common interest,” he told the Emirates News Agency (WAM) in statements marking the Brazilian leader’s visit to the UAE.

“The trade and investment relations between UAE and Brazil play an important pivotal role in consolidating the bonds of constructive cooperation between the two countries.”

He added that UAE-Brazil trade continued its robust upward trend in 2022, totaling more than US$4 billion, up 32%, 67%, and 43% from 2021, 2020, and 2019, respectively.

According to non-oil foreign trade figures for 2022, Brazil is the UAE’s top trading partner in Latin America, Al Zeyoudi said, adding that Brazil ranks second only to the United States among the UAE’s most important trading partners in the Americas.”The UAE ranks 23rd among the most significant markets for imports into Brazil and the 27th among the most significant overseas markets for Brazilian exports,” the Minister added.

With a share of 18% of Brazil’s overall commerce with Arab nations in 2022, the minister said that the UAE came in second on the list of Brazil’s most significant trading partners in the Arab world.

“During the official visit of Brazilian President Luiz Inácio Lula da Silva and his accompanying delegation to the UAE, we look forward to advancing joint efforts to promote trade and investment relations between the two countries to achieve further joint economic growth and constructive cooperation in priority sectors,” Al Zeyoudi concluded.

Osmar Chohfi, the President of Arab-Brazilian Chamber, said that the volume of Brazilian exports to the UAE is constantly increasing, with the value of Brazilian exports to the UAE totaling $714.07 million (approx. AED2.6 billion) in the first quarter of this year.

“We believe that these trade figures will continue to rise over the coming months as there are a myriad of opportunities up for grabs for the UAE and Brazilian markets to develop further together, ” he told the Emirates News Agency (WAM).

“ UAE is a major center for worldwide trade and a preferred destination for foreign investors,” he said, noting the expanding ties between Brazil and the Arab nations, particularly the UAE, in light of the two nations’ ongoing initiatives to deepen and broaden their well-established economic ties by investigating novel avenues for trade, partnership, and economic cooperation.

Abdullah bin Touq Al Marri, Minister of Economy, said that the Emirati-Brazilian partnership is based on solid foundations of friendship and respect for mutual interests.

‘’The bilateral relations between the two countries have experienced real development in a variety of political and economic spheres, and they have been enhanced by several official visits at the level of the two countries’ leaders as well as top government officials, Al Marri told the Emirates News Agency (WAM) on the occasion of the state visit by the Brazilian President Luiz Inácio Lula da Silva to the UAE.

“The Brazilian President’s visit to the UAE, and his meeting with President His Highness Sheikh Mohamed bin Zayed Al Nahyan, provides a new impetus to the expansion of bilateral relations toward broader and more diverse horizons, in a way that serves the development agendas of both friendly countries,’’ the minister added.

During the past period, the two countries, had maintained a fruitful cooperation across many vital sectors such as industry, transportation, shipping, storage, infrastructure, construction, management of ports, energy, mining, the financial and banking sector, real estate activities, and others.

The governments of the two countries, he continued, have been keen to facilitate trade, investment and tourism exchange, and trade and investment figures speak volumes for the growth of relations between the two countries.

“The total non-oil foreign trade for the year 2022 between the UAE and Brazil crossed the US$4 billion mark, a growth of 32 percent from more than US$3 billion in 2021,” the minister added.

According to bin Touq the UAE is Brazil’s top trading partner in the Arab region, while Brazil is one of the Emirates’ most important and recognised partners in Latin America.

“In terms of investments, the UAE is among the largest international investors in Brazil, with an estimated US$5 billion in Emirati investments in Brazil, with the presence of major Emirati companies such as Mubadala, the largest Emirati investor in Brazil, DP World, Emirates Airlines, First Abu Dhabi Bank, Yahsat, and others.”

Al Marri added that despite this remarkable growth in bilateral relations, vast economic potential, particularly in sustainable development, remain untapped.

“We feel the moment has come to explore opportunities for more cooperation in new economic areas that suit both countries’ sustainable development agendas over the coming period,’’ the minister concluded.

WAM