Brazilian ministries and high-ranking officials were greeted in Brasilia by Dr. Thani Al Zeyoudi, the UAE's Minister of State for Foreign Trade, as the UAE continues to strengthen its commercial and economic connections with the biggest economy in Latin America. According to the UAE's Ministry of Economy, Dr. Al Zeyoudi also attended the $347.5 billion economic acceleration plan for Brazil's launch. The strategy aims to use public-private partnerships to assist projects related to logistics, energy, and urban infrastructure.
“Brazil is 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,” Dr Al Zeyoudi said.
“The UAE is keen to build mutually beneficial partnerships with such economies and deliver dynamic new markets for our private sector.”
Brazil is the UAE's top trading partner in Latin America and ranks second only to the US among the UAE's most important trading partners in the Americas. The Emirates’ non-oil trade with Brazil reached $4.3 billion last year, an annual growth of 32 per cent, according to figures from the UAE's Ministry of Economy.
The US is the UAE's most significant trading partner in the Americas, and Brazil is its top trading partner in Latin America. As per data from the UAE's Ministry of Economy, non-oil commerce between the Emirates and Brazil reached $4.3 billion last year, an increase of 32% over the previous year.
The two nations today work together in important fields like business, shipping, storage, infrastructure, building, port management, energy, mining, banking and finance, and real estate. During a visit by Brazilian President Luiz Inacio Lula da Silva to the UAE in April, Abdulla bin Touq, the minister of economy, announced that the UAE's investments in Brazil had increased to $5 billion.