Abu Dhabi – President Jair Bolsonaro of Brazil said this Sunday (27) that investors in the United Arab Emirates are interested in Brazilian infrastructure projects. “They want to invest, and we need it. Infrastructure is a good thing, it can enable our products to arrive at their destinations with a competitive edge,” he said after during the Brazil-UAE business seminar in Abu Dhabi – the first stop in a tour of three Gulf countries.
Apart from discussing investment opportunities, the president said the purpose of the trip is to show that Brazil is “regaining the world’s trust” and that “the numbers of the economy show that the country is on the right track. “It’s about reaching out our hands and saying that we can do lots of good things for our people,” he declared.
Questioned whether any of the investments Brazil intends to attract are going into the defense industry – where agreements have been entered into –, Bolsonaro said: “Some. Most of the investment will go into production, into our commodities. Those come first.”
Brazil is a major supplier of agricultural commodities to the UAE and the Arab countries in general, which are concerned about ensuring a steady supply of food items. “Brazil will be glad about our trip here,” said Bolsonaro.
During the seminar, the president went over Brazil’s economic scenario, including the benchmark interest rate, which is at an all-time low; inflation, which might end the year lower than the administration’s target; and the reduction of unemployment and of the so-called “Brazil risk.” He also noted that Congress has passed a Pension Reform and discussions are ongoing regarding Tax and Administration reforms, as well as the Mercosur-European Union trade agreement.
Besides infrastructure, Bolsonaro mentioned the oil and gas exploration and production auctions due November as investment options.
“Brazil is a country that’s opening up to trade with the world. We’re dramatically reducing paperwork requirements and everything that can get in the way of trade. We are conquering these boundaries,” said Bolsonaro. “Here’s a man with an open heart, reaching out his hand to your sirs, and asking you to put your trust in our country. We have a lot to offer, and you, sirs, have a lot to offer us,” he concluded.
On the same note
Several Brazilian government officials spoke on the country’s economic health, reforms, ongoing liberalization, and its attractiveness to foreign investment.
Foreign Minister Ernesto Araújo said the administration is working to improve the business environment and to reach new trade agreements. “Our foreign policy is based on friendship and good business,” he said.
He also said Brazil and the UAE have built “excellent” political and economic relations. “And since we have matching world views, we can go far beyond,” he argued. According to the FM, bilateral relations are rising to “strategic partnership” status. “And the business community is one of the drivers of these relations,” he said. Araújo concluded by saying that “the new economic cycle in Brazil” is fueled by foreign investment and the private sector.
Chief of Staff Onyx Lorenzoni underscored that Brazil offers a safe investment environment, economic simplification and deregulation and a wide range of opportunities. He went over the Investment Partnerships Program (IPP), with projects “exceeding BRL 1.4 trillion” (or USD 683 billion at current exchange rates). He said priority industries include oil, railways, agriculture and renewable energy – especially solar and wind power – and mining, which according to him the UAE are very interested in.
“Please come to Brazil. Make it a great partner of yours. There’s an ocean of opportunity in Brazil,” said Lorenzoni.
Defense Ministry secretary-general admiral Almir Garnier said there’s a huge potential for closer cooperation in defense, and that defense industry players have joined president Bolsonaro’s entourage to figure out what the UAE’s needs are, and to be able to cater to its Armed Forces.
On the UAE’s part
Speaking for the UAE’s government, minister of State Ahmed Al Sayegh discussed bilateral cooperation opportunities in food security, mining, computing and other technologies. “The UAE are working on reforms to make its economy more competitive, so that foreign players can be successful here,” he said. “And the UAE are a gateway to promising markets such as India, Asia and the Arab countries. This translates into opportunities for Brazil and the UAE alike,” he said.
Kicking off the seminar, Abu Dhabi Chamber of Commerce and Industry first vice chairman Ebraheem Al Mahmood pledged: “We will work with institutions and corporations in Brazil for increased cooperation in economy and investments between our countries.”
The seminar was hosted by the Abu Dhabi Chamber in partnership with the Brazilian Trade and Investment Promotion Agency (Apex-Brasil), with support from the Arab Brazilian Chamber of Commerce. Emirati and Brazilian businesspeople from various industries were in attendance.
Chairmen Sérgio Segóvia of Apex and Saif Mohammed Al Hajeri of the Abu Dhabi Department of Economic Development signed a memorandum of understanding to support exports and reexports between the emirate and Brazil.
Translated by Gabriel Pomerancblum
