Lula: Brazil offers abundant stability to investors

President Luiz Inácio Lula da Silva participated this Wednesday, June 12, in the Priority Investment Forum 2024 opening session, promoted by the Future Investment Initiative Institute (FII Institute) in Rio de Janeiro (RJ). Under the theme “Invest in Dignity”, the event promoted discussions about investment alternatives in areas such as sustainable energy transition, advancing technology and innovation, and social inclusion, all themes of relevance for constructing a new global order that prioritizes dignity for all.

“I am here today to show that Brazil deserves your trust. I always say that the most important thing for an investor is stability. And Brazil has abundant stability to offer" — Luiz Inácio Lula da Silva,
President of Brazil

>> Presidente Lula's speech (available in Portuguese)

“This is the first time that Brazil hosts an edition of the Future Investment Initiative. This space confirms the consolidation of emerging stakeholders in the global economic debate beyond the traditional centers. "It is high time to recognize the growing importance of countries like Saudi Arabia and Brazil, increasingly close partners and members of the BRICS,” emphasized President Lula in his speech.

Lula said that choosing Rio de Janeiro as venue for this event indicates just how much trust the more than one thousand participants have in Brazil. “I am here today to show that Brazil deserves your trust. I always say that the most important thing for an investor is stability. And Brazil has abundant stability to offer", said the President.

ADVANCES— To show that Brazil is a safe and attractive country for foreign investors, the President highlighted the strength of the national economy. “Against the most pessimistic expectations, our GDP has grown 2.5% over the last 12 months. We are moving towards becoming the eighth-largest world economy until the end of the current year. Until the end of this term, we can go back to being the sixth world economy, like we were in 2011. "Our trade balance hit a record in 2023, with the highest surplus in history. Exports between January and April of this year reached a record mark of 108 billion dollars, with an increased share of manufactured goods," he said.

In the social arena, Lula highlighted his administration’s successful reinstatement of the minimum wage appreciation policy and the restructuring of key social programs, complemented by the lowest unemployment rate from February to April since 2014. “The theme of this Forum is ‘Invest in Dignity’. This is our priority. Large sums of money in the hands of the few result in hunger, disease, illiteracy and crime. But if many have at least a little, society changes for the better,” he advocated.

PEACE AND SUSTAINABILITY - Regarding national priorities around the world, the President underscored the country’s commitment to peace and sustainable development. “We are a country that loves peace and is averse to geopolitical rivalry. We dialogue and negotiate with everyone who is capable and desires to contribute to the progress of our country and the world. This is the spirit of our presidencies at the G20, the BRICS, and the Climate COP, which is about to be held in Belém. The Brazil we envision is a giant in sustainability and a heavyweight in food security. It is a country capable of expanding its agricultural production while respecting the environment and renewing its industrial vocation powered by clean energy and technological innovation”, he stated.

Lula said Brazil plans to boost growth through the New PAC (the government’s New Accelerated Growth Program) and the New Brazilian Industry (Nova Indústria Brasil) program. The former aims to make the Brazilian economy more competitive with expected public and private investment of about USD USD 320 billion (75% of which until 2026) to modernize logistical infrastructure. At the same time, Nova Indústria Brasil will mobilize credit lines, governmental procurement and regulatory innovations to foster strategic sectors for sustainable development. The Federal Government has already secured USD 15 billion for projects in innovation, sustainability and export capacity expansion. “In a world where the energy and digital transitions foster economic revolution, Brazil emerges as a land of opportunities”, he highlighted.

INVESTMENT OPPORTUNITIES – Held for the first time in Latin America, the Priority Investment Forum gathers leaders and executives from the entire world to discuss investment opportunities that can enable countries to grow sustainably. The event also aims to strengthen relations between Brazil and Saudi Arabia, unleashing investments and projecting Brazil as a pool of sustainable ideas and initiatives that can attract increasing levels of global investment.

FII Institute President and Governor of Saudi Arabia’s sovereign fund Yasir Al-Rumayyan spoke about areas of interest for investment in Brazil. “We are interested in investing in technology, renewable energy, mining, and, I hope, in soccer. Considering that 65% to 70% of Saudi Arabia’s population is aged 35, we are interested in entertainment, including sports. For this reason, we have some great initiatives in different sports, including soccer. And I believe that this is the best place to discuss soccer,” he declared.

After the opening, President Lula convened with Arabian business people, accompanied by Ministers Renan Filho (Transportation), Alexandre Silveira (Mines and Energy) and Rui Costa (Chief of Staff) and BNDES (the Brazilian Development Bank) President Aloizio Mercadante. Following the meeting, Lula informed the press of his optimism regarding potential Saudi investments in Brazil. The discussion focused on opportunities in renewable energy, ports, airports and mining.

“Your presence at the Cidade Maravilhosa      [Rio de Janeiro is known as the “Wonderful City”] represents a great step forward. We are promoting international cooperation, strengthening the bonds between Brazil and the Kingdom of Saudi Arabia and seeking new partnerships and growth opportunities. As the capital of the G20, we invite you to join us in our journey towards transformation, bolstered by innovation and sustainable development,” said the Mayor of Rio de Janeiro, Eduardo Paes, during the opening ceremony.

“Having events such as this one in Brazil and Rio de Janeiro, added to the initiative of hosting the G20 here, is a great opportunity we have to, once again, promote Rio de Janeiro, a city with so much economic potential, so much touristic potential, the energy capital of Brazil,” declared Rio de Janeiro’s State Governor Cláudio Castro.

FORMER-PRESIDENTS – The event features over 150 speakers participating in 44 panels aimed at an audience of over one thousand invited participants. In addition to President Lula, the Priority Investment Forum 2024 will also host former presidents Felipe Calderón of Mexico, Juan Manuel Santos of Colombia, Jorge Quiroga of Bolivia and Laura Chinchilla of Costa Rica, among other international figures.

Other major speakers include Princess Reema Bint Bandar Al Saud, Saudi Arabia’s Ambassador to the United States; Prince Faisal Bin Bandar Al Saud, president of the Saudi Esports Federation; Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF) and president of the FII Institute; and Mike Pompeo, former Secretary of State of the United States.

THE INSTITUTE – The FII Institute is a global non-profit foundation funded by the Saudi Arabian Public Investment Fund (PIF), with assets totaling USD 925 billion in investments.