Dubai – The United Arab Emirates (UAE) is looking to increase the share of foreign trade in its revenues, and is betting on South American countries to achieve its goal. The undersecretary general for Foreign Trade at the Ministry of Economy of the UAE, Abdullah Ahmad Al Saleh, has told Arab Brazilian Chamber of Commerce board members this Sunday (23rd), in Dubai, that the Gulf country is planning on increasing trade and investment with South American and African country in the next few years.
The meeting was attended by the Arab Brazilian Chamber CEO Michel Alaby, Institutional Relations director Silvio Abdalla, director for the Gulf Mohamed Abdouni, and international business executive João Paulo Paixão. The UAE consul to Brazil, Salem Alowais, was also in attendance.
Alowais noted that bilateral UAE-Brazil trade soared during the first decade of the 21st century, but in the last few years, trade has levelled out and grown at a more moderate pace. This phenomenon had already taken place in trade between the UAE and other countries, such as India, in the 1990s.
“Exports and imports have stabilized not only in regards to Brazil, but to other countries as well. Over the next few years, we should focus on investing in countries in South America and Africa. That doesn’t mean there are no opportunities in India, China, Europe, and North America, but the demand for investment is strongest in South America and Africa,” said Alowais.
He mentioned that the Brazilian federal government has granted roads and airports concessions to private enterprises, and said the infrastructure sector is the most promising investment target. The winners of airport auctions in 2012 and 2013 were consortia whose partners included enterprises from South Africa, Germany and Singapore. The Brazilian government should also grant ports and railways concessions this year.
Alaby and Alowais discussed holding a seminar to present business opportunities and providing an overview of the business environment in Brazil to Emirati businessmen. “We want to let local entrepreneurs know which are the most attractive sectors, what is the profitability potential, and how to go about doing business with Brazil. We may embark in new challenges and enter into a wide-reaching partnership with you,” the undersecretary said. There is no set date for the event, but Alaby implied that it should take place this year, during the Big 5 civil construction fair in November.
*Translated by Gabriel Pomerancblum
