As Egypt enters BRICS, the country’s commercial consul to São Paulo, Nashwa Bakr, gave Egyptian businesspeople information on the Brazilian economy and investment opportunities.
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A report from the International Monetary Fund points out that the Arab country keeps facing enormous economic challenges, with a collapsed banking sector, inflation in triple digits, and worsening poverty.
In a meeting in Bahrain this week, the Union of Arab Chambers board drafted a declaration aimed at the private sector that lists the priorities for the region’s development. Food security, logistics and digital payments are some of the topics.
Arab-Brazilian secretary-general Tamer Mansour wrote an article on the Brazil-Arab League trade. Exports have gone up despite the price decline in several goods, thus forging a landscape that is very similar to what had been seen before the pandemic.
By promoting the Gamer8 festival, Saudi Arabia shows its quest to become a gaming development hub and the ground this sector is gaining among its population.
The entry of six nations, including the Arab countries United Arab Emirates, Saudi Arabia, and Egypt, is expected to increase trade and generate more investment. Expanding diplomatic contacts could help resolve shared challenges.
The Gafsa Phosphate Company will receive new equipment to increase fertilizer extraction capacity in September.
The Brazilian sovereign bonds could be issued abroad linked to commitments to the environment. The issue is expected to occur still in 2023’s second half.
The Foreign minister of South Africa, Naledi Pandor, said countries in the bloc agreed to accept new members. The group approved a document with guidelines, but names of countries were not disclosed.
The Brazilian government raised the import tariff from 3.8% to 10.8% for 24 months to stimulate the local industry.
The Brazilian food company released its results for the second quarter. It informed it had a 50% market share in the export of halal poultry to the countries of the Gulf Cooperation Council.
Brazilian food and beverage companies can now apply to get their first halal certification via the Halal Brazil project that grants an aid of 50% of the costs.
According to the minister of investment of Saudi Arabia, Khalid Al-Falih, his country is interested in investing in Brazil’s food, financial, automotive, transport & logistics, infrastructure, ecotourism, and entertainment sectors. He spoke at the Brazil-Saudi Arabia Investment Forum.
The Saudi Investment minister and a delegation of around 100 people are in São Paulo this Monday (31). They expect to visit six other Latin American countries in the forthcoming days.
