Kuwait City – Kuwait exported to Brazil the equivalent to US$ 1.016 billion last year, an increase by 5.82% in relation to 2012, according to information from the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC). On the other hand, Brazilian shipments to the Arab country added up to US$ 306 million, a drop by 2.34% in relation to the previous year.
With a negative result in the trade balance by US$ 710 million, there is space for Brazilian companies to expand their business. “Kuwait is an open, free market, we import everything, from airplanes to fire matches,” said the deputy secretary general of the Kuwaiti Chamber of Commerce and Industry, Hamad Al-Omar. “We only export oil and petrochemicals and we need everything, like cars, foodstuff, etc.,” emphasized the Economy editor of the Kuwait News Agency (Kuna), Fawaz Karami.
The Brazilian exports basket to the Gulf Nation, however, concentrates on poultry, that is, other products Brazil has to sell are being provided by suppliers elsewhere. “We are always on the lookout for quality and prices,” said Omar. For him, the country purchases a lot from Asian countries, not only to supply the local market, but also for their neighbors, particularly Iraq.
According to Omar, foodstuff are a priority in Kuwait imports. “We import from all countries, especially other Arab nations, from Turkey, fruit from Chile, from the United States as well,” he said. Sheep meat and beef come from Australia, India and Africa.
The local market also needs construction companies for the country’s infrastructure projects, whereas in commerce and other areas, there is a drive to expand business with emerging economies. “We are trying to strengthen relations with countries of the South (developing nations),” stated Karami.
Although much of the attention is turned towards Asia, other markets are seen positively. “We want to learn more about the Brazilian experience in sectors that are unrelated to oil,” said Karami.
Kuwaitis are also interested in learning more about the opportunities for investments in Brazil. Karami mentioned examples such as airport concessions, and Omar added that local investors are interested in areas like tourism, hotel administration, agriculture and the real estate sector in general. “But we don’t know what the investment opportunities in Brazil are, there should be more marketing,” emphasized the chamber of commerce executive.
Real estate and tourism are without doubt sectors where Brazil has opportunities and, in this case, Kuwait could be a supplier not only of investors, but also of tourists. According to the International Relations professor at the American University of Kuwait, George Irani, Kuwaitis travel frequently and spend a lot of money abroad. And the local currency is very strong, a Kuwaiti dinar is equivalent to US$ 3.53.
The journalist travelled by invitation of the government of Kuwait
*Translated by Silvia Lindsey
