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Brazilian group seeks trade, investment boost with UAE

The volume of non-oil trade exchange between the UAE and Brazil jumped by 32.1 percent in 2022. (WAM)
  • During the forum, the two sides discussed joint efforts and investment opportunities available in both cities.
  • The delegation comprised representatives from companies operating in agriculture, food, cosmetics, and furnishings sectors.

Sharjah, UAE – The Sharjah Chamber of Commerce and Industry (SCCI) organized the UAE-Sao Paulo Business Forum on Thursday, marking a significant stride towards fostering economic relations between the UAE and Brazil.

During the forum, the two sides discussed joint efforts and investment opportunities available in both cities, focusing prominently on sectors such as agriculture and livestock to enhance food security and promote sustainable practices, central to both countries economic development strategy.

The delegation comprised representatives from companies operating in agriculture, food, cosmetics, and furnishings sectors, reflecting Sao Paulo’s diverse industrial landscape.

Fatima Khalifa Al Muqrab, Director of the International Relations Department at the SCCI, stressed that the forum marks a new milestone in the chamber’s relations with Sao Paulo, highlighting that the UAE-Brazilian bilateral relations are well-established and constructive thanks to both nations’ keenness to promote their relations to the highest possible levels.

Al Muqrab said that the volume of non-oil trade exchange between the two countries has grown by 43 percent over the past ten years, from US$2.8 billion (AED 10.4 billion) in 2013 to US$4 billion (AED 14.7 billion) by the end of 2022.

She added that during 2022, the volume of non-oil trade exchange between the UAE and Brazil jumped by 32.1 percent to reach US$4.02 billion (AED 14.8 billion), compared to US$3 billion (AED 11.2 billion) in 2021.

Additionally, the value of re-exports during 2022 amounted to US$476 million (AED 1.75 billion), showing a growth of 84.4 percent over 2021, while the value of imports amounted to US$3.4 billion (AED 12.66 billion), with a growth of 28.7 percent over 2021.

Al Muqrab further stressed that these figures are indicators of the momentum and strength underlying economic relations between the two countries.