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<\/a>The PIF is Saudi Arabia\u2019s sovereign fund. According to Ara\u00fajo, the industries getting resources will be decided on \u201cjointly.\u201d \u201cThis is the result of our hard work in diplomacy, by the president, and this visit of ours. The relations we are building with Saudi Arabia and the entire Arab world is also the result of the trust Brazil is garnering abroad,\u201d the Brazilian foreign minister said. \u201cWe were talking today with the president of Goldman & Sachs [John Waldrow], who was telling us that Brazil and Saudi Arabia today are surely the two most dynamic countries to invest in. in short, it\u2019s a whole conjunction,\u201d he said.<\/p>\n
According to Lorenzoni, Brazil is the sixth country set to get funds from the PIF, after the United States, Japan, France, South Africa and Russia. \u201cThe volume of investments [earmarked for Brazil] is the same as in Russia, for instance, and double that of France,\u201d he stressed.<\/p>\n
He said a cooperation council will be appointed by both governments, with private sector involvement on both sides, to pick out the investment fields and schedule. \u201cIn two to three weeks\u2019 time we should have this council up and running,\u201d he said. The idea is to take advantage of the fact that in the next few years \u201cthere will be a very big number of offerings under the Investment Partnerships Program (IPP).\u201d Lorenzoni believes the investment will take place within the next three years.<\/p>\n
The Chief of Staff, who\u2019s in charge of the IPP, discussed projects in oil and gas, seaports, airports, roads and railways. \u201cWe have, for instance, a keen interest in Ferrogr\u00e3o, which is very likely to get built. It\u2019s a very important railroad for Brazil. It will go from Mato Grosso to Par\u00e1, spanning about a thousand kilometers at an estimated cost of over USD 3 billion. It\u2019s a project that will be built from scratch up to its final delivery,\u201d he said.<\/p>\n
On his way back from a dinner offered by Mohammed Bin Salman to participants in the Future Investment Initiative (FII), held in Riyadh and also known as \u201cDavos in the Desert,\u201d Bolsonaro said Saudi Arabians have been \u201cfirst\u201d in choosing investment options in the Brazil. \u201cWe have Ferrogr\u00e3o, for instance. An outlet to the Pacific would also be welcome, but you can do a lot with USD 10 billion, and we need infrastructure in order to really get Brazil to develop,\u201d he said. \u201cThe doors to Brazil are open. These are great investment options.\u201d<\/p>\n
The president remarked that dinner was attended by the king of Jordan, Abdullah II, the prime minister of India, Narendra Modi, and other authorities, plus United States president Donald Trump\u2019s son-in-law Jared Kushner. Bolsonaro will sit on a panel in the IFF this Wednesday (30).<\/p>\n
Lorenzoni underscored that Brazil\u2019s ambassador to Riyadh, Marcelo Della Nina, was \u201cinstrumental\u201d to the initiative.<\/p>\n
Ernesto Ara\u00fajo added that the PIF\u2019s willingness to invest is \u201cperhaps\u201d the most consequential result of the president\u2019s two-week tour of Asia and the Middle East, which has included Japan, China, the UAE, Qatar and Saudi Arabia.<\/p>\n
\u201cIt will generate a dynamic for further investment,\u201d he said. \u201cAll of these big funds are realizing that Brazil is unparalleled in terms of rates of return, of the quantity and quality of our investment portfolio, so I believe that [this initiative] will also create an emulation effect whereby many of the funds will look to invest in Brazil. Apart from being important in its own right, this is the seed of an entire international investment process,\u201d he said.<\/p>\n
BRF<\/strong><\/p>\n This Tuesday, BRF \u2013 which owns brands Sadia and Perdig\u00e3o \u2013 announced a project that will see USD 120 million invested in manufacturing facilities in Saudi Arabia<\/a>. The country had restricted imports of processed food items from the company\u2019s unit in Abu Dhabi, UAE. Lorenzoni said this is a thing of the past.<\/p>\n \u201cThis region can be a smart platform for Brazilian companies to tap into deals in markets that are super relevant,\u201d the Chief of Staff said in reference to Africa and Asia. \u201cThey are very interested in having Brazilian companies here, to diversify their own economies,\u201d he concluded.<\/p>\n Translated by Gabriel Pomerancblum<\/strong><\/p>\n