During a recent official visit to Brazil by Sultan Bin Saeed Al Mansouri, the Minister of Economy for the United Arab Emirates (UAE), officials held talks about strengthening trade and investment between the two countries.
In his address to the Brazil-UAE Economic Forum on 1 November in São Paulo, which was organized by the Arab-Brazilian Chamber of Commerce, Al Mansouri stressed Brazil’s important economic role: it has the largest market in South America and makes a significant contribution to the global economy.
He said the Brazilian economy is “strong and less-affected by the external crises,” and that it holds a distinguished economic position with the UAE.
During the visit, officials discussed ways to boost cooperation in trade and investment, particularly in areas of priority for both sides.
The UAE delegation included Abdullah Al Saleh, Undersecretary of UAE Ministry of Economy, and Sultan Rashid Al Kaitoob, UAE Ambassador to Brazil, plus key government officials, businesspeople and investors.
UAE, one of the strong players in the Middle East
Al Mansouri gave a presentation on the UAE economy, one of the strong players of the Middle East, which thanks to the adoption of wise economic policies and an attractive investment environment, has successfully attracted businesses from 200 countries to operate in the UAE, he said.
A key advantage that the UAE offers foreign investors is its strategic location – it is a main gateway between East and West, allowing capital from all over the world to flow through it.
Al Mansouri said estimates suggest the UAE economy will grow between 4% and 4.5% this year, one of the fastest rates since 2008.
He invited Brazil’s businessmen and -women to take a good look at investment opportunities in the UAE.
He said his country boasts a modern and integrated infrastructure of airports, ports, telecommunications, transport and competitive services, all of which helped to place the UAE in 19th place in the countries Index of the World Economic Forum’s Global Competitiveness Report 2013-2014.
UAE trade with Latin America Reached $3.8 billion
The Minister said it was important to increase trade between the UAE and Latin America, which last year reached $3.8 billion, thanks to effective coordination mechanisms, economic forums, and joint task forces that followed up on development of economic relations among UAE and Brazilian companies.
João de Mendonça Lima Neto, Brazil’s Ambassador to the UAE, said the Minister’s visit heralds a new era of economic relations that will see increased trade between the two countries, the potential and opportunities for which exceed current volumes.
Areas of trade and economic cooperation that the UAE is keen to grow with Brazil include renewable energy, water procurement and export, as well as technology and innovation.
The UAE delegation is also visiting other countries. It has already visited the United States, and after Brazil the group will be going to Chile.