São Paulo – Brazil and the United Arab Emirates created a working committee to discuss ways to encourage bilateral investments, Itamaraty told ANBA this Tuesday (19). The first meeting of the collegiate occurred last week, just before the visit from UAE minister of foreign affairs Abdullah Bin Zayed Al-Nahyan to Brazil last Friday (15).
According to Itamaraty, the group features representatives of the holding Mubadala, state-owned investment company from Abu Dhabi, the UAE embassy in Brasilia, Brazilian ministries of Science and Technology, Economy, Infrastructure, Mines and Energy, Itamaraty itself and other national public bodies.
The idea is to discuss topics such as regulatory frameworks, debureaucratization, taxation, and others. According to Itamaraty, a second meeting should occur soon.
During the UAE minister’s visit, both countries signed a Cooperation and Facilitation Investment Agreement (CFIA), and a convention had already been established last year to avoid double taxation on income taxes over profits with reciprocal investments. These deals’ main goal is promoting bilateral investments.
Itamaraty also said a meeting occurred last week between Brazilian government and the UAE embassy representatives aiming to create a group for discussing cooperation and investments in science and technology, focusing in four areas: capacitation in digital government, startups, artificial intelligence, and new talents programs in the science and technology area.
Itamaraty added they are scheduling a Brazilian mission to the UAE to be led by the minister of Science, Technology and Innovation Marcos Pontes to further the initiative.
It is worth reminding the Dubai, UAE, is the premier destination for foreign direct investments in artificial intelligence and robotics, according to ranking released by the organizers of the Annual Investment Meeting (AIM), to be held from April 8 to 10 in the emirate.
During the minister Abdullah Bin Zayed’s visit to Brasília, also signed were an agreement for cooperation in tourism, an agreement on mutual legal assistance over penal affairs and an extradition treaty.
The UAE minister had meetings with Brazilian president Jair Bolsonaro (photo) as well as ministers Ernesto Araújo (Foreign Affairs), Fernando Azevedo e Silva (Defense), and Tereza Crstina (Agriculture).
Translated by Guilherme Miranda
