Juma Al Kait, Assistant Under-Secretary for International Trade Affairs at the Ministry of Economy of the UAE, emphasised the strength of trade and investment ties between the UAE and Brazil.

The Brazil-Emirates conference brought together representatives from the public and private sectors to discuss new partnership prospects in fast-growing sectors such as technology, agribusiness, decarbonisation, infrastructure, real estate, logistics and tourism.

Bilateral ties between the UAE and Brazil remain strong, with non-resource trade set to reach US$4.3 billion in 2023, up 42.1 per cent from 2021. In addition, the UAE has already invested more than US$5 billion in the Brazilian economy.

In his speech, Al Kait noted that Brazil is of great importance to the UAE, being not only one of the first countries in South America to open a UAE embassy, but also the largest trading partner in the region. This is reported by
Emirates News Agency (WAM).

Al Kait also noted that both countries are strategically located. With the UAE joining the BRICS community, the country is looking to develop mutually beneficial partnerships with economies around the world.

Al Kait concluded his speech by inviting Brazilian companies to take advantage of the UAE’s dynamic business ecosystem, including the possibility of 100 per cent foreign ownership, flexible tax policies and accelerated business creation processes.

He also noted that the UAE has unique access to global markets, enhanced by the UAE’s Comprehensive Economic Partnership Agreement programme, and Mercosur countries are natural partners in realising the programme’s supply chain potential in the south.

Photo:
IStock