The Saudi Investment minister and a delegation of around 100 people are in São Paulo this Monday (31). They expect to visit six other Latin American countries in the forthcoming days.
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In meetings in Saudi Arabia, Brazil’s Agriculture minister Carlos Fávaro saw a local willingness to take part in the program that plans on doubling Brazil’s food output without deforestation. Businesspeople participating in the delegation had parallel meetings supported by the Arab Brazilian Chamber and ApexBrasil.
SALIC and Marfrig committed to buying 500 million new BRF shares, resulting in a capital injection of BRL 4.5 billion (about USD 889.67 million).
Brazilian firm reported it has entered an agreement with Salic UK, a Saudi Arabia’s Salic subsidiary, to sell as much as 25,000 tons of products a year. A memorandum has also been signed for potentially doing business in Australia.
The crisis triggered by the novel coronavirus is fueling nations’ desire and efforts to produce food locally. Geography, climate and costs are challenges.
Companies Bahri and SALIC formed a joint venture to build a terminal with capacity to store as much as 3 million tons of grain per year.
An executive with the Saudi investment company said he’s ready to step up investments in Brazil, possibly in agribusiness, soy and corn. He spoke with ANBA after a seminar attended by minister Tereza Cristina in Riyadh.
