Abdullah bin Touq Al Marri, Minister of Economy, said that the Emirati-Brazilian partnership is based on solid foundations of friendship and respect for mutual interests.
‘’The bilateral relations between the two countries have experienced real development in a variety of political and economic spheres, and they have been enhanced by several official visits at the level of the two countries’ leaders as well as top government officials, Al Marri told the Emirates News Agency (WAM) on the occasion of the state visit by the Brazilian President Luiz Inácio Lula da Silva to the UAE.
“The Brazilian President’s visit to the UAE, and his meeting with President His Highness Sheikh Mohamed bin Zayed Al Nahyan, provides a new impetus to the expansion of bilateral relations toward broader and more diverse horizons, in a way that serves the development agendas of both friendly countries,” the minister added.
During the past period, the two countries, had maintained a fruitful cooperation across many vital sectors such as industry, transportation, shipping, storage, infrastructure, construction, management of ports, energy, mining, the financial and banking sector, real estate activities, and others.
The governments of the two countries, he continued, have been keen to facilitate trade, investment and tourism exchange, and trade and investment figures speak volumes for the growth of relations between the two countries.
“The total non-oil foreign trade for the year 2022 between the UAE and Brazil crossed the US$4 billion mark, a growth of 32 percent from more than US$3 billion in 2021,” the minister added.
According to bin Touq the UAE is Brazil’s top trading partner in the Arab region, while Brazil is one of the Emirates’ most important and recognised partners in Latin America.
“In terms of investments, the UAE is among the largest international investors in Brazil, with an estimated US$5 billion in Emirati investments in Brazil, with the presence of major Emirati companies such as Mubadala, the largest Emirati investor in Brazil, DP World, Emirates Airlines, First Abu Dhabi Bank, Yahsat, and others.”
Al Marri added that despite this remarkable growth in bilateral relations, vast economic potential, particularly in sustainable development, remain untapped.
“We feel the moment has come to explore opportunities for more cooperation in new economic areas that suit both countries’ sustainable development agendas over the coming period,” the minister concluded.