Saudi Arabia and Brazil Strengthen Trade Relations
In a series of high-level meetings, trade relations between Saudi Arabia and Brazil have been praised for their “remarkable development.”
Efforts to Strengthen Economic Ties
Saudi Arabia’s commitment to enhancing economic ties was highlighted during discussions in Sao Paulo, Brazil. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef engaged in talks with Brazil’s Vice President and Minister of Development, Industry, Trade, and Services Geraldo Alckmin.
The discussions focused on opportunities in the mining sector and the incentives provided by Saudi Arabia to facilitate business operations. Both parties commended the positive advancements in economic and trade relations, leading to significant joint projects in the industrial and mining sectors.
Robust Growth in Exports
Saudi Arabia’s non-oil exports to Brazil have seen robust growth, increasing by 5.65 percent annually from 2018 to 2023. In 2023 alone, the Kingdom’s imports from Brazil totaled SR13 billion ($3.47 billion), while exports to Brazil exceeded SR3 billion.
Invitation for Investment
Alkhorayef’s visit is part of a broader official tour that includes stops in Brazil and Chile. During this trip, he invited Brazilian companies to invest in Saudi Arabia’s mining sector, emphasizing its substantial growth potential.
Global Leadership in Mineral Production
Aligned with Saudi Arabia’s Vision 2030, Alkhorayef emphasized the importance of international leadership and cooperation in mineral production. He highlighted the Kingdom’s readiness for transformative growth, leveraging its resources, workforce, and investment opportunities.
Exploring Pharmaceutical Opportunities
In parallel efforts to bolster its pharmaceutical capabilities, Saudi Arabia explored opportunities to localize vaccines and pharmaceuticals, leveraging Brazil’s expertise. Discussions highlighted collaboration potential in Saudi Arabia’s National Industrial Strategy, particularly in pharmaceuticals and health security.
Meetings with Brazilian investors underscored the willingness to collaborate across various industrial sectors, aiming to strengthen supply chains, exchange technology, and drive innovation for sustainable development.
Deepening Economic and Trade Relationship
The discussions during the visit explored avenues to enhance non-oil exports and foster joint investment opportunities, reflecting a deepening economic and trade relationship between Saudi Arabia and Brazil.