Sao Paulo, Brazil – Saudi Arabia’s investment minister was met with boisterous claps and cheers earlier this year as he gave an optimistic outlook on the potential to deepen his country’s economic ties to Brazil.
Addressing the first-ever, Brazil-Saudi Arabia investment forum in Sao Paulo in July, Khalid al-Falih said that despite the thousands of kilometres separating them, the two nations have more in common than meets the eye.
“Brazil and Saudi Arabia, two proud members of the G20 and energy producers, are well positioned to be strategic partners, with us being the economic leaders of our respective regions,” al-Falih said.
“With our strategic interests aligned and private sectors strong, we could become a top five investor in each other’s economy. I believe this will be possible.”
Flush with cash following a record 1bn profit for state oil giant Aramco last year, Saudi Arabia has ploughed billions in investments into Brazil’s mammoth mining and meatpacking sectors.
While the two countries have long been trading partners, the kingdom’s latest Brazil investments tie in with its ambitious, “Vision 2030” reform programme to diversify the Saudi economy and reduce its dependence on oil revenues, experts say.
Article from www.aljazeera.com