São Paulo – Saudi Arabia wants to expand investments in Brazil, particularly in oil and gas, and green sources, as well as resuming the trade agenda. The indication was given to president Luiz Inácio Lula da Silva last Sunday (10) in a meeting with Saudi crown prince and prime minister Mohammed Bin Salman following the closing of the 18th Heads of State and Government Summit of the Group of 20 (G20) in New Delhi, India.
According to information made public by the Presidency of the Republic of Brazil, in the talk held with the Saudi prince Lula welcomed Saudi Arabia as a new member of the BRICS, a grouping of the world economics of Brazil, Russia, India, China, and South Africa. In addition to Saudi Arabia, it was announced in the last BRICS summit in late August the admission of Arab countries United Arab Emirates and Egypt. Argentina, Ethiopia and Iran were also accepted into the grouping.
Salman and Lula also greed that a delegation of Saudi businesspeople and officials will visit Brazil soon to learn about the project portfolio of its growth acceleration program, known as PAC, which is open to foreign investment. The schedule will be discussed between the Foreign Affairs ministers of both countries.
Lula said the expansion of Saudi investments in Brazil is welcome and may be important in the transition process for a more sustainable economy, particularly in high-tech industries, like hybrid engine development and green hydrogen.
According to a statement from the Brazilian government, the diplomatic ties between Brazil and Saudi Arabia turn 55 in 2023. The Embassy of Brazil in Saudi Arabia and the Embassy of Saudi Arabia in Brazil were opened 50 years in 1973. The trade between the countries have grown to touch USD 8.2 billion in 2022.
Translation by Guilherme Miranda
