São Paulo – The Arab Brazilian Chamber of Commerce and the Federation of Egyptian Chambers of Commerce signed a memorandum of understanding to promote bilateral trade. The objective of the agreement, signed this Friday (6th) at the head offices of the Federation of Industries of the State of São Paulo (Fiesp), is to enable the growth target for bilateral trade between Brazil and Egypt, from the current US$ 1.5 billion to around US$ 5 billion in the next four years.
In a visit to Brazil this week, the Egyptian minister of Industry and Trade, Rachid Mohamed Rachid, who attended the event at Fiesp, stated that after the free trade agreement between his country and the Mercosur, signed on Monday (2nd), trade between Egyptians and Brazilians may more than double within three to four years.
The minister travelled alongside a delegation of Egyptian businessmen. The signing of the agreement, according to Rachid, creates opportunities for exports of products such as chicken, paper, soluble coffee and automobiles. Approximately 130 people watched the event at Fiesp.
According to the minister, three working groups have been created to establish increasingly closer ties between Brazilian and Egyptian businessmen. The first group will be dedicated to eliminating customs barriers and developing real estate enterprises; the second one will attempt to clear financing for business; and the third one is logistics and transport, which aims to solve bottlenecks in the segment.
“We are expecting [business] missions. The most important thing is the agricultural industry. An Egyptian mission is going to discuss fertilizers. They are going to visit more than one region of Brazil,” said Rachid, who discussed the matter yesterday with the Brazilian minister of agriculture, Wagner Rossi.
The minister highlighted opportunities in sectors such as weaving, engineering and mechanical equipment, automobiles, electronic equipment, medication, technology in general, oil and gas. “There are various sectors, and we hope that the businessmen will be able to tap into these opportunities. The main challenge will be information. For such, we count on support from the Arab Brazilian Chamber and organizations such as the Fiesp. I am optimistic and aware that there are close ties between Brazil and Egypt.”
“We have support from the Brazilian government [Brazilian] and the presence of minister Rachid, which reiterates our support to Brazilian and Egyptian businessmen, so they may reach the target [of trade expansion],” said the president of the Arab Brazilian Chamber, Salim Taufic Schahin.
Schahin invited the Brazilian businessmen to visit the Arab Brazilian Chamber to obtain information and to consider investing in Egypt. “The country has great political stability and very favourable investment laws,” he said. “Egypt has spectacular tourist attractions, and after meeting the cultural part, [businessmen] will be able to gain greater knowledge of business opportunities,” he claimed.
*Translated by Gabriel Pomerancblum
