The need to simplify Brazilian law in order to bring in further investment from Arab countries was one of the topics in discussion in an online debate on Thursday (20) hosted by business group LIDE RS. Arab Brazilian Chamber of Commerce president Rubens Hannun was a featured guest.
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Governor Romeu Zema conferred online with UAE authorities to discuss investments in the state. Other officials including Brazil’s vice president Hamilton Mourão joined in, as did the mayor of Varginha, Minas Gerais – the city is seeking Arab funding for a technology center.
Additionally, an import substitution program will encourage production by non-nationals in the country.
Brazilian sector stood out amid the economic rebound and during the COVID-19 crisis. Valued exchange and export capacity make Brazilian agribusiness companies more attractive for foreign investors.
The Saudi Arabian Ministry of Investment reported a 19% increase in licenses in the first quarter of this year.
Such was the hike in 2018/2019 from the preceding fiscal year, driven by the petroleum industry. The administration expects industry to be a major driver of GDP growth this year.
Brazilian Agricultural Research Corporation president Celso Moretti visited the Arab country and discussed partnerships in several fronts, including Africa. The institution could open an office in Abu Dhabi. “We’ve identified four big pillars of cooperation,” he told ANBA.
Representations of the Oman Chamber of Commerce and Industry and the country’s ambassador visited the Arab Brazilian Chamber. They participated in the organization’s board meeting.
The announcement was made in Davos, Switzerland during the World Economic Forum. Summit will run in October, before the G20 meetings.
Global foreign direct investment flow totaled USD 1.39 trillion last year, down 1% from a year before. But in Brazil they increased 26%, in Saudi Arabia 9%, and in Egypt 5%.
MENA accounted for 20% of total portfolio flows to emerging financial markets from 2016-2018.
Value apportioned in the budged to be invested is USD 5.5 billion, the lowest one since 2004.
Negative current balance stood at USD 2.1 billion in November and USD 45 billion year-to-date. But foreign direct investment made up for it.
The process includes four units with ‘binding’ status, where investors can look into the risks involved in the deals and make their bids.
