Saudi Arabia is Brazil's main partner in the Middle East, says Fávaro during official mission to the country

Under the leadership of Brazil’s Vice President and Minister of Development, Industry, Trade, and Services (MDIC), Geraldo Alckmin, the Brazilian delegation of ministers and business leaders began their official agenda in Saudi Arabia this Monday (3). 

During a meeting with Saudi Arabia's Minister of Investments, Khalid Al Falih, and representatives from both countries' business communities and investment funds, Minister of Agriculture and Livestock, Carlos Fávaro, emphasized Saudi Arabia's significance as Brazil's primary partner in the Middle East. “In 2023 alone, Brazilian agribusiness exported $2.9 billion worth of goods. The main products include poultry, sugar, beef, and grains. However, there are even greater opportunities; we can and should diversify, for example, with coffee and fruits,” he emphasized. 

On this occasion, Fávaro introduced the National Program for the Conversion of Degraded Pastures into Sustainable Agricultural and Forestry Production Systems (PNCPD) to the Saudi Minister of Investments and business representatives. This program aims to integrate up to 40 million hectares of degraded land into Brazil's productive systems. “We are seeking sustainable production mechanisms. Approximately 67% of our territory remains intact, offering ample growth potential without deforestation. We have over 40 million hectares of land with high productivity potential. This creates opportunities for food security and commercial relationships,” he stressed. 

In his address, Vice President Geraldo Alckmin reiterated Saudi Arabia's importance as Brazil's preferred strategic partner in the Middle East, highlighting the growth of Brazilian companies in Saudi Arabia over the past three years. “Brazil is currently thriving, ranking as the world's third-largest recipient of investments. Meanwhile, Saudi Arabia boasts one of the most dynamic, diversified, and rapidly growing economies. Here, we have a significant opportunity to enhance this mutually beneficial partnership in trade and investment,” he asserted. 

Jorge Viana, President of ApexBrasil, emphasized that the mission upholds President Lula's commitment to the Kingdom of Saudi Arabia. “We have at least six major Brazilian investment funds, led by BNDES, collaborating to explore investment opportunities presented by the Saudi sovereign wealth fund.” 

Also part of the Brazilian delegation, Minister of Planning, Budget and Management, Simone Tebet, stressed the importance of investments in logistics and infrastructure. “Brazil requires partnerships to distribute agribusiness products, including corn, soy, and animal protein. Partnerships with investment funds are essential for developing infrastructure, particularly railway systems in Brazil,” she emphasized. 

In addition to the business meeting, two other sessions were held in the morning with Minister Khalid Al Falih: a private meeting with Vice President Alckmin and another involving ministers in the delegation, Brazilian Ambassador to Saudi Arabia, Sérgio Bath, and representatives from the Brazilian Development Bank (BNDES) and ApexBrasil. 

 

LETTERS OF INTENT 

During the meeting, three letters of intent were signed. The first, between ApexBrasil and Lulu hypermarkets, aims to promote Brazilian food and beverage products. The second and third letters, between the Saudi Ministry of Investments (MISA) and EB Capital and Pátria Investimentos, respectively, aim to facilitate investments between the two countries. 

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