São Paulo – One of the main missions of the new ambassador from Kuwait in Brazil, Nasser Riden Almotairi (left on the picture), is to strengthen the economic ties between both countries. “We believe there are many opportunities for investments here [in Brazil],” he told ANBA during his visit to the Arab Brazilian Chamber of Commerce in São Paulo this Thursday (10). The diplomat was received by the entity president Rubens Hannun (right on the picture), and has schedule meetings with companies and other private institutions until Friday (11).
For example, he stated that the Kuwait Fund for Arab Economic Development (KFAED), which finances projects in developing countries, is interested in infrastructure ventures in Brazil. “This country is rich with opportunities,” stated Almotairi. The new Brazilian government intends to attract investments through privatizations and concessions.
The diplomat mentioned the Kuwait Investment Authority (KIA) and others sovereign funds from his country as institutions interested in investing in Brazil. Among the potential sectors, he also highlighted energy and agribusiness. “Agriculture is one of the most important ones because of food security,” he remarked.
Kuwait and the other countries in the Gulf are scarce in food, due to the desert climate, and they rely on imports. Investments in agriculture overseas help guarantee the supply for the region market.
Almotairi stated that the Kuwait funds have investments all over the world. The loans made by KFAED, for example, surpass USD 21.5 billion in 109 countries, according to information from the institution website. KIA manage global assets around USD 592 billion and is the fourth biggest sovereign fund in the world in this aspect, according to the Sovereign Wealth Fund Institute (SWFI).
Commercially speaking, exports from Brazil to Kuwait totaled USD 227.3 million last year, a 2.1% growth over 2017, according to information from the Arab Chamber. Conversely, Kuwait shippings to Brazil represented USD 212.9 million, a 57.3% growth in same comparison. “Our goal is to improve these results, we are working towards that,” said the ambassador.
The main product exported from Brazil to Kuwait is by far poultry, but Brazil also sold a lot of corn, serrated wood, fruit juices, and shoes. Inversely, Kuwait mainly exported fuels and fertilizers to Brazil.
Soon, Almotairi is going to meet Brazilian authorities to discuss economic relations. In the Arab Chamber, the diplomat was accompanied by the first secretary of the Kuwait embassy in Brasília, Ibrahim Altourah.
Agreements
He added that Kuwait has nine signed deals with Brazil in different areas, and they are discussing other three about tax information exchange, visa waivers for diplomats and working authorities, and investment facilitations.
The ambassador said he entered the diplomatic service in 1988, and his first job abroad was as an attaché in Iran. He also worked at his country’s embassy in Paris, was deputy consul in Pakistan and ambassador in Bosnia-Herzegovina. Almotairi is replacing his colleague in Brazil, Ayadah AlSaidi, who left the post in August 2018.
Translated by Guilherme Miranda
