Following the Brazil-Arab Countries Economic Forum, which was held in Sao Paulo on the 2nd of April, Khaled Hanafy, the secretary general of the Union of Arab Chambers expects trade between both sides to rise to another level.
Speaking at the forum, the executive also said that strategic partnership is the new name of the game, with plans to increase a basic level trade balance of $20 billion. The $20 billon is the trade balance between both sides in 2017.
Hanafy also noted that the massive participation of Arab and Brazil authorities and business owners in the forum was a demonstration that there is an interest in broadening relations.
More than 700 people attended the event, with at least 100 of them coming from the Arab countries, in addition to the presence of Brazilian President Michel Temer and Henrique Meirelles his finance minister as well as other high ranking Brazilian government officials.
Brazilian companies can set up branches in Arab nations, not only to tap into the 400 million residents of the region, but also to tap into a market of 2 billion people by trade agreements, according to Hanafy.
He said that the forum opened doors for the future, but they are required to move forward in implementing the great ideas that came up during the event.
Hanafy of the General Union of Arab Chambers said that his priority is to achieve the old dream of a common market, however using modern technology. He stated that a trade and economy ‘digitalization megaproject’ is underway to get buyers and suppliers in touch.
It was agreed at a meeting of joint chamber secretary generals that a mobile phone application will be designed to connect organizations and their members, and eventually the chambers in Arab countries, thereby establishing a major online network of business contacts.