The “remarkable development” of economic relations between Saudi Arabia and Brazil has been praised after high-level meetings.
Brazil’s Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, had talks with Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, in Sao Paulo, highlighting Saudi Arabia’s desire to forge closer commercial connections.
A ministry release stated that the topics of discussion included Saudi Arabia’s incentives to support business operations in the industrial investment environment as well as the qualitative prospects in the mining sector. Both sides expressed gratitude for the constructive developments in trade and economic connections, which have resulted in important cooperative projects in the mining and industrial sectors.
Brazil has benefited greatly from Saudi Arabia’s non-oil exports, which increased by 5.65% yearly between 2018 and 2023. The Kingdom imported SR13 billion ($3.47 billion) worth of goods from Brazil in 2023 alone, while its exports to Brazil exceeded SR3 billion.
Alkhorayef’s visit is a part of a longer official tour that runs from July 22 to July 30 and stops in Brazil and Chile. He highlighted Saudi Arabia’s significant economic potential and asked Brazilian companies to engage in the country’s booming mining sector at a roundtable conference sponsored by the Federation of Industries in Sao Paulo during this trip.
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