São Paulo – An economic rebound is underway in Brazil, and this means an opportunity to enhance the country’s relations with Arab nations. Arab Brazilian Chamber of Commerce president Rubens Hannun said the outlook is promising for Brazil-Arab ties as he launched the Brazil-Arab Countries Economic Forum this Monday (2) at São Paulo’s Hotel Unique.
“A whole gamut of business opportunities is available again in Brazil,” Hannun said regarding the possibilities that open up for Arabs in Brazil as the economy bounces back. He said it’s crucial that Brazilian businesses do not to let go of the spaces they have secured for themselves in Arab countries.
Nael Kabariti, chairman of the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, who also spoke during the Forum’s opening, mentioned a number of projects that could be rolled out in tandem by Brazil and Arab countries and suggested that an Arab-Brazilian bank with a large capital base be established to provide funding for whatever projects may arise on the Arab or the Brazilian side.
Kabariti said that although the outlook is promising, Arab-Brazilian cooperation still falls short of the economic potentialities of either region. He believes there is room for cooperation in tourism, technology, services, the halal industry, etc., and that technologies, communications and e-trade must be explored.
“On the one hand you have Brazil with its technological capabilities, and on the other you have Arabs and their desire for development,” Kabariti told an audience of over 600 business owners, executives and foreign trade decisionmakers.
Hannun also told attendees about the consumption potential that the Arab market boasts, with a combined population of 400 million. Last year saw USD 20 billion worth of Brazil-Arab trade. The Arab Chamber’s president said Brazil and the Arab countries have complementary economies. “The strengthening of these economic and commercial ties is sustainable underpinned by complementarity,” he said.
During the Forum’s launch, the audience observed a minute of silence in memory of those killed in Gaza. Besides Brazilian attendees, over 100 audience members have flown in from Arab countries, including Kabariti, Arab ambassadors stationed in Brazil and other leaders.
Translated by Gabriel Pomerancblum