Riyadh – It was a chilly evening with a full moon in the Saudi capital, Riyadh, when the president of Brazil, Luiz Inácio Lula da Silva, met with the prime minister and crown prince of Saudi Arabia, Mohammed bin Salman, this Tuesday (28).
In the president’s first appointment in the Arab country, Lula and MBS discussed strengthening bilateral relations, investments in both countries, and opportunities for Brazilian companies in the kingdom.
The leaders projected that trade between the two countries could jump from the current USD 8 billion to USD 20 billion by 2030. Trade ties between Brazil and Saudi Arabia will reach their 50th anniversary in 2024
Salman mentioned the positions of Brazil and Saudi Arabia as economic leaders in their regions. He signaled that a more robust and strategic partnership between the two countries would benefit all sides.
The USD 10 billion that the Public Investment Fund (PIF) pledged to invest in Brazil was one of the topics of conversation. Of this amount, USD 9 billion is expected to be invested over the next seven years – the range of possibilities includes projects in clean energy, green hydrogen, defense, science and technology, agriculture, infrastructure, and Brazil’s new Growth Acceleration Program (PAC).
Lula was the first Brazilian president to visit Saudi Arabia in 2009. He mentioned Brazil’s rapprochement with Arab countries and highlighted Brazil’s potential for the energy transition and efforts to fight the climate crisis. The president informed the prince that at the United Nations Conference on Climate Change ( COP28) in Dubai, Brazil will present advancements in controlling deforestation and preserving and protecting tropical forests.
In its Vision 2030 program, Saudi Arabia has sustainability goals that include the production of 90 GW of clean energy over the next seven years, both inside and outside the country, and Brazil is one of the nations with the most significant potential to receive investments in renewable energies, such as green hydrogen, to achieve that goal.
MBS spoke about Brazil’s international protagonism and mentioned the strategic importance of the South American country taking over the presidency of the G20 in December. The group brings together the largest economies in the world. The prince also highlighted Saudi Arabia’s entry into BRICS and said that the country wants to actively participate in the bloc’s New Development Bank, also known as the “BRICS Bank.” BRICS is a group currently made up of Brazil, Russia, India, China, and South Africa, but new members, such as Saudi Arabia, will join next year.
President Lula invited the Saudi leader to visit Brazil next year to celebrate 50 years of bilateral relations. MBS showed interest in traveling to the country and especially getting to know the Amazon. He referred to the fact that Brazil is a peaceful country with cultural events that are highly appreciated in his country, in addition to football.
The representatives and their delegations also spoke about the assembly of a bilateral ministerial council that would meet periodically to promote the deepening of economic and political relations between the two countries, a topic previously commented on by the Brazilian President’s chief of staff, Rui Costa, to the press this Tuesday morning (28).
Translated by Elúsio Brasileiro
