A forum organized by the Sharjah Chamber of Commerce and Industry (SCCI) brought together more than 100 businesspersons from the UAE and Brazil to discuss cooperation and investment opportunities.
The Sharjah-Sao Paulo Business Forum on Wednesday highlighted joint investment opportunities, encouraged cooperation and partnerships in various economic sectors.
The forum was held during the visit of a high-level delegation from Brazil headed by Joao Agripino da Costa Doria Junior, Governor of the state of Sao Paulo.
On the sidelines of the event, the Sharjah Chamber and Investe SP, Sao Paulo, signed a Memorandum of Understanding (MoU) aimed at strengthening trade relations, facilitating economic cooperation between the business communities in both countries, and exchanging trade delegations.
It will enhance discussions in the fields of export and economy, support follow-up visits for this purpose and promote available investment opportunities, exchange experiences, knowledge and training for members, a statement issued by the Chamber said.
Abdulla Sultan Al Owais, Chairman of the Board of Directors of SCCI, said the trade between the UAE and Brazil reached $2.7 billion by the end of the last year.
Agro-food products accounted for 60 percent of the total Brazilian exports to the UAE, while the investment flows between the two countries was $700 million (AED2.56 billion) during the past five years.
“These figures have put the UAE first in the Arab world regarding trade and investment dealings with Brazil,” he said.
UAE’s imports from Brazil in the first quarter of this year amounted to about $352.2 million (AED1.29 billion), ranking third among the largest importers of Brazilian goods.
The UAE’s main imports from Brazil included iron ore and food products such as sugar, poultry, beef, grains, soybeans and corn. The UAE is also the second-largest buyer of Brazilian products in the Middle East, while oil, urea, sulfur and aircraft spare parts are among the UAE’s main exports to Brazil.
The UAE is also among Brazil’s most prominent international investors, with investments estimated at US$5 billion, Al Owais said.
Among the most critical sectors of the UAE investment in Brazil are container terminal management, unloading and loading of goods, aluminum industry, port construction and management, shipbuilding, air transport for passengers and goods, oil and natural gas exploration, financial and banking sector, real estate activities, power generation, shipping and storage, infrastructure development, mining, and sports marketing.
Sau Paulo governor said the state accounts for 30 percent of the entire Brazilian economy and has the largest manufacturers of sugar, juices, coffee, and fruits.
“It also has the best airports and a developed road network. In addition, the state has four million entrepreneurs, and during the past year, it attracted more than one million entrepreneurial projects,” Doria said.