UAE-Sao Paulo Business Forum to boost economic relations, explore investment opportunities

UAE-Sao Paulo Business Forum to boost economic relations, explore investment opportunities

SHARJAH, 25th May, 2023 (WAM) -- The Sharjah Chamber of Commerce and Industry (SCCI) organised the UAE-Sao Paulo Business Forum on Thursday, marking a significant stride towards fostering economic relations between the UAE and Brazil.

During the forum, the two sides discussed joint efforts and investment opportunities available in both cities, focusing prominently on sectors such as agriculture and livestock to enhance food security and promote sustainable practices, central to both countries economic development strategy.

The meeting took place in conjunction with a visit by a high-profile business delegation from the Sao Paulo Chamber of Commerce, led by Mauricio Manfre, Special Adviser for Foreign Affairs at the Sao Paulo Chamber. The delegation comprised representatives from companies operating in agriculture, food, cosmetics, and furnishings sectors, reflecting Sao Paulo's diverse industrial landscape.

Jamal Saeed Buzangal, Director of the Media Department at the SCCI, and Fatima Khalifa Al Muqrab, Director of the International Relations Department at the SCCI, attended the forum. Also present were representatives from the Sharjah Airport International Free Zone, Sharjah Department of Agriculture and Livestock, and key figures from private companies in Sharjah.

Al Muqrab stressed that the forum marks a new milestone in the chamber's relations with Sao Paulo, highlighting that the UAE-Brazilian bilateral relations are well-established and constructive thanks to both nations' keenness to promote their relations to the highest possible levels.

Al Muqrab said that the volume of non-oil trade exchange between the two countries has grown by 43 percent over the past ten years, from AED 10.4 billion in 2013 to AED 14.7 billion by the end of 2022.

She added that during 2022, the volume of non-oil trade exchange between the UAE and Brazil jumped by 32.1 percent to reach AED 14.8 billion, compared to AED 11.2 billion in 2021. Additionally, the value of re-exports during 2022 amounted to AED 1.75 billion, showing a growth of 84.4 percent over 2021, while the value of imports amounted to AED 12.66 billion, with a growth of 28.7 percent over 2021. Al Muqrab further stressed that these figures are indicators of the momentum and strength underlying economic relations between the two countries.

For his part, Mauricio Manfre said, "The UAE-Sao Paulo Business Forum will serve as a significant launchpad for promising investment partnerships between the emirate of Sharjah and Sao Paulo, particularly in the agriculture and livestock sectors. These sectors are common areas of interest for both countries.”

“With agribusiness in Brazil being a highly industrialised sector, accounting for over a quarter of the country's GDP, our presence in Sharjah today, supported by a strong delegation, seeks to cultivate mutually beneficial ties, contribute to the growth of economic relations, and bolster cooperation between the two regions. Furthermore, as Sao Paulo makes up about 30 percent of the total Brazilian economy and is home to the largest manufacturers of sugar, juices, coffee, and fruits, in addition to having top-tier airports and a sophisticated road network, the opportunities for enhanced partnership and investment are extensive," Manfre added.