São Paulo – Kuwait wants Brazilian companies to take part in its development plan. The information was supplied by the vice president of the Kuwaiti Banking Association, Majed Issa Al Ajeeel, who is a member of a delegation of government officials and businessmen from the Arab country currently visiting Brazil. On Tuesday evening (20th), the group was welcomed at a cocktail party and dinner offered by the Arab Brazilian Chamber of Commerce at restaurant Arola Vintetres, at the Tivoli Mofarrej hotel, in São Paulo.
The head of the mission is the Kuwaiti prime-minister, Nasser Mohamed al Sabah, who will be received by president Luiz Inácio Lula da Silva in Brasília (the Brazilian capital) next Thursday (22nd). According to Ajeel, Kuwait has a development plan for the next five years, by which the government will invest US$ 30 billion, and the country wants Brazil to participate in the process by means of construction and engineering companies, for instance.
Ajeel is participating in the mission because, according to him, cooperation between banks from different countries favours investment and the expansion of trade. The president of the Kuwaiti Chamber of Commerce and Industry, Sayer Bader Al Sayer, who leads the mission’s business group, stated that one of the objectives of the visit to Brazil is precisely to try and increase the trade flow between the two countries.
Brazil exported the equivalent of US$ 155 million to Kuwait in the first six months this year and the main products shipped were meats, soy oil, aluminium and wood. During the same period, Kuwait exported the equivalent of US$ 79 million to Brazil, consisting mostly of aviation fuel. Trade has increased in both directions compared with 2009.
According to Sayer, during their visit to Brazil, the Kuwaitis should discuss their investment laws and existing business opportunities in the Arab country. Investment in Brazil should also be discussed, according to him. Sayer underscores that Brazil is discovering offshore oil, and taking into consideration that Kuwait has vast experience in the oil industry, partnerships may be established.
The delegation was welcomed by the president of the Arab Brazilian Chamber, Salim Taufic Schahin, alongside vice presidents and directors of the organization. Also in attendance were representatives of guest Brazilian institutions and companies such as the HSBC bank, dairy company Doux Frangosul, and the Commercial Association of São Paulo.
The delegation’s visit to Brazil is part of a larger tour of the Caribbean and South America, which began on July 12th. A total of nine countries should be visited. The group has been to Cuba and Mexico, and after Brazil it should head to other countries, such as Chile, Argentina and Uruguay.
*Translated by Gabriel Pomerancblum
