The announcement came in the wake of a meeting between president Jair Bolsonaro and Saudi Arabian crown prince Mohammed Bin Salman.
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Brazilian company that produces famous poultry brands such as Sadia and Perdigão signed a memorandum with Saudi officials to build a plant in the country.
Brazilian pharma company signed an agreement with the country’s industrial development agency to prospect the market and decide a potential business model.
President Jair Bolsonaro said discussions with authorities in the Arab country concerned mostly the defense industry, but also food security.
The country was targeted by USD 3.6 billion in foreign direct investment in the first half of 2019, the United Nations Conference on Trade and Development (UNCTAD) reported.
The deal was entered into during president Jair Bolsonaro’s trip to Doha. Food security and soccer were also on the agenda.
President Jair Bolsonaro concluded his travel to the United Arab Emirates and, before leaving for Qatar, did an interview with local news agency WAM. He said he was extremely pleased with the way he was welcomed and said Brazil can be considered as an Arab country due to its huge number of people of Arab descent.
Central Bank’ Focus Readout reported.
During president Jair Bolsonaro’s trip to the Arab country, eight agreements and memorandums of understanding got signed, including one providing for high-level initiatives in multiple fields.
Jair Bolsonaro of Brazil mentioned opportunities in infrastructure that can be advantageous to both sides. He joined a business seminar in Abu Dhabi.
The Brazilian state-run oil company’s Institutional Relations director Roberto Ardenghy, who joined a seminar concurrent with president Jair Bolsonaro’s trip to the UAE, also said the company is looking for partners to bid in tenders with.
The Brazilian president arrived in Abu Dhabi, UAE this Saturday, hoping to attract more investment from the region into Brazil.
President Jair Bolsonaro’s visit to the Arab country will mark a step forward, according to the head of Brazil’s diplomatic representation in Abu Dhabi, Fernando Igreja.
Brazilian mining company posted a gain of USD 1.6 billion in Q3 2019, reversing its loss in Q2.
