Juma Al Kait, Assistant Under-Secretary for International Trade Affairs at the Ministry of Economy, commended the strength of UAE-Brazil trade and investment relations during the opening of the Brazil-Emirates Conference, hosted in Abu Dhabi from 6th to 8th March.
Organised by the Group of Business Leaders (LIDE), the Brazil-Emirates Conference brings together public- and private-sector representatives to discuss new partnership prospects across high-growth sectors, including technology, agribusiness, decarbonisation, infrastructure, real estate, logistics and tourism.
Bilateral ties between the UAE and Brazil remain robust, with the value of non-oil trade reaching US$4.3 billion in 2023, up 42.1 percent compared to 2021. Brazil is the largest recipient of the UAE’s exports in South America and, behind the United States, the second-largest trade partner in the Americas. In terms of investment, the UAE has already committed to the Brazilian economy in excess of $5 billion.
During his keynote address, Al Kait said, “Brazil is a country of deep significance to the UAE. Not only is it one of the first countries in South America in which we established an embassy, it is also our nation’s largest trading partner in South America. Our nations share ambitious growth plans, where the UAE is guided by the “We the UAE 2031” and its vision to develop the nation’s economy, society, foreign policy and business ecosystem, Brazil has its Growth Acceleration Programme. We are united by a common vision for extracting the far-reaching benefits from trade, inward investment and innovation, and are committed, through fora such as the Brazil-Emirates Conference, to supporting each other’s long-term, sustainable prosperity.”
Al Kait also pointed to the strategic location of both nations, identifying Brazil as one of the new centres of growth, one that represents the gravitational shifts in the economic landscape from the nations of the G7 towards new hubs of opportunity in the global south. With the UAE’s accession to the BRICS community, Al Kait said the country is committed to fostering mutually beneficial partnerships with like-minded economies across the world.
Al Kait concluded his remarks by inviting participating Brazilian entities to take advantage of the UAE’s dynamic business ecosystem, including its offering of 100 percent foreign ownership, flexible tax policies, and fast-track business setup options.
He also promoted the country’s unrivalled access to global markets, several of which have been enhanced by the UAE’s Comprehensive Economic Partnership Agreement programme, adding that Mercosur nations are natural partners to deliver on the programme’s potential of securing South-South supply chains
WAM