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15/12/2017 - 14:34hs

Brazil looks to get more investment from UAE

Speaking at a seminar in Rio on Thursday (14), the Brazilian Industry, Foreign Trade and Services minister Marcos Pereira said although the UAE has USD 5 billion invested in the country, there’s room for more.


Pereira (L) during the event

São Paulo – Even though there are USD 5 billion worth of UAE capital invested in Brazil, there are plans on the Brazilian side to increase this amount. So said the Brazilian minister of Industry, Foreign Trade and Services, Marcos Pereira, this Thursday (14) during the seminar Dubai-Brazil Opportunities, a Gateway to Brazil at the Rio Art Museum (MAR).

The event was held by the Rio de Janeiro City Hall’s international relations office (Coordenadoria de Relações Internacionais) and by the Dubai Investment Development Agency (FDI). A press release from the Brazilian Ministry quoted the minister saying that the UAE’s USD 5 billion investment in Brazil is proof that the former relies on the latter’s business environment.

“Therefore, I hope to convince them that it would be reasonable for us to multiply this amount, through the efforts we – the Brazilian government and society – are undertaking to increase Brazil’s competitiveness,” the minister said during the seminar.

Pereira also said the UAE is Brazil’s second biggest trade partner. He said trade between the countries amounted to USD 2.6 billion in 2016 and to USD 2.4 billion through November this year, which was up 5.3% from January to November 2016.

The minister also presented business and investment opportunities in Brazil, and the government’s actions to improve the business environment. Pereira discussed opportunities in so-called Export Processing Zones (EPZ), which are foreign-sale oriented industrial According to him, there are plans to create an EPZ in São João da Barra, in the northwest of the state of Rio de Janeiro.

The event was attended by authorities including Rio de Janeiro mayor Marcelo Crivella. Rio media outlets quoted Crivella saying his administration is looking for to partner up with companies in order to improve services. He also mentioned several prospective investment projects. The Rio mayor travelled to Dubai in October this year.

FDI’s CEO Fahad Al Gergawi was also one of the speakers. He told the audience about opportunities in Dubai for Brazilian enterprises, including the emirate’s free-trade zones. Also attending the meeting were civil construction, agriculture and tourism executives from both countries.

*Translated by Gabriel Pomerancblum

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