The Arab-Brazilian Chamber of Commerce (ABCC) on April 2nd opened a forum in an effort to expand the trade relations between the Arab World and Brazil.
The Brazil-Arab Countries Economic Forum is being hosted at São Paulo at Hotel Unique. A statement said that the economic forum is being held under the theme “Building the Future”, in collaboration with the League of Arab States and the Union of Arab Chambers.
The statement said that during the forum, top ranking authorities, specialists, and representatives from development agencies are joining six thematic panels to discuss about investment policies, incentives, and opportunities that can be seized by both Arab and Brazilian organizations and companies.
President of the Arab-Brazilian Chamber of Commerce, Rubens Hannun said that there are synergies still to be explored and a lot of room to grow in the flourishing relations between Arab and Brazilian organizations.
He said that the forum will offer an ideal platform to discuss key avenues that will enable them to bring their ties to the next level of development.
He added that bringing major stakeholders under a single roof is definitely a step closer to their goal of further strengthening their partnership to achieve mutually beneficial results.
A lot of leading sectors offer a number of collaborative opportunities for both the Arab World and Brazil, which includes finance, construction, food security, renewable energy, innovation, tourism, logistics, investments and technology. The growth potential of some key areas will be highlighted by the panel of discussions during the economic forum.
Regarding certain sectors such as renewable energy, Hannum pointed out that the oil-rich Arab countries such as Saudi Arabia and the United Arab Emirates’ efforts to pursue clean energy and build green cities in their respective territories have generated large and substantial new opportunities.
Arab nations regard Brazil as a major food supplier and have in recent times sought investment prospects in the areas of food security and infrastructure. The acquisition of a stake in the Saudi Salic fund in the Minerva refrigerator and contribution of Dubai’s DP World in port terminals in Santos through Embraport are among the recent initiatives in this regard.
Brazil can still expand food trading products plus other areas, while it already is exporting nearly $10 billion in food to the 22 member countries of the Arab League.
Hannum said in the case of food, Brazil is only able to meet 10% of the demands from the Arab countries and only 20% in relation to the region’s demand for meat.