São Paulo – Brazilian President Luiz Inácio Lula da Silva stressed the importance of recognizing the rising influence of countries like Saudi Arabia and Brazil and that the two countries are increasingly closer and partners at BRICS.
In his opening remarks at the FII Priority Summit in Rio de Janeiro on Wednesday (12), President Lula highlighted that Brazil’s hosting of the Saudi Future Investment Initiative (FII) signifies the growing influence of economies like Saudi Arabia and Brazil – “increasingly closer partners and allies at the BRICS” – in the global economic discourse, moving beyond established powerhouses. Brazil is an original member of the BRICS, and Saudi Arabia has recently joined the group.
Lula said the choice of Rio de Janeiro to host this event signals the trust in Brazil. “I’m here today to show that Brazil is worthy of that trust. The most important thing for an investor is stability, and this Brazil has plenty to offer,” he noted. He also reminded the audience that Brazil’s gross domestic product grew by 2.5% in the last 12 months. “We’re on course to become the eighth-largest economy in the world this year,” declared Lula. He also highlighted that Brazil’s 2024 exports until April reached a record USD 108 billion.
The president reinforced Brazil’s commitment to peace and sustainable development. “We talk to and negotiate with everyone who can and wants to contribute to the progress of the country and the world.” For Lula, this is the spirit of Brazil’s G20 and BRICS presidencies and of the COP30 in the Amazonian city of Belém, taking place in 2025. “The Brazil we envision is a sustainability powerhouse and a food security heavyweight,” said Lula
Lula and Saudi Arabia
The Brazilian government said the forum brings together leading figures and executives around an agenda focused on investment opportunities that foster sustainable growth, adding the gathering also aims to strengthen Brazil-Saudi Arabia partnership. After meetings with Arab businesspeople, Lula said it saw enormous potential in partnering with Saudi Arabia for mutual gains.
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Arab-Brazilian Chamber backs FII Priority in Rio
On his part, Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund (PIF), shared at the event the Saudi fund’s interest in investing in Brazil. “We are interested in investing in technology, renewable energy, and mining, and hopefully in football too,” said Al-Rumayyan. “About 70% population of Saudi Arabia is under the age of thirty-five. So, some of the things that we are interested in are recreation, entertainment, and sports. And this is like the best place to discuss football.”
Translated by Guilherme Miranda
