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Dubai, Sao Paulo seek to boost ties in key sectors

Issac John /Dubai
Filed on February 11, 2020
Dubai, Sao Paulo seek to boost ties in key sectors
Supplied photo

Businesses in Dubai and Sao Paulo can benefit by exploring untapped trade and investment potential in key sectors, according to officials both sides speaking at the Dubai-Sao Paulo Business Forum on Tuesday.

The forum, held at Dubai Chamber of Commerce and Industry's premises, was joined by a high-level delegation from Sao Paulo led by Joao Doria, Governor of Sao Paulo State.

Majid Saif Al Ghurair, Chairman of Dubai Chamber, and other chamber board members, officials and directors received the high-level trade delegation led by Doria.

Addressing the meeting, the governor said Sao Paulo has been expanding trade ties with UAE. As a result, 25 per cent of Sao Paulo's exports were bound for the UAE in 2019, while 30 per cent of the Brazilian state's imports came from the Gulf country. He pointed out that the UAE had surpassed Italy to become one of Sao Paulo's top trading partners.

Al Ghurair stressed the significance of the forum in creating channels of cooperation and open dialogue between the government and business leaders from Dubai and Sao Paulo. The Dubai chamber head noted that both Dubai and Sao Paulo shared synergies as leading business hubs for their respective regions. He explained the crucial role that Dubai Chamber's representative office in São Paulo is playing in facilitating bilateral trade and investment.

Key sectors where business from both sides can explore more opportunities include agri-business, technology, innovation and transport and logistics.

Al Ghurair described the Dubai Chamber-Invest Sao Paulo agreement and the inauguration of investment promotion agency's new representative office in Dubai as important developments that would take UAE-Brazil economic ties to the next level.

"Dubai Chamber is building strong relationships in Brazil, and our representative office in Sao Paulo is a testament to our efforts to expand trade links with the Latin American country. We are fully committed to provide all necessary support to ensure that relations between Dubai and Sao Paulo continue to develop and flourish in the future," said. Al Ghurair.

On Tuesday, Invest Sao Paulo, the investment promotion agency of Sao Paulo state, signed with Dubai Chamber a memorandum of understanding that aims to facilitate cooperation and knowledge sharing between the two entities and business communities. The agreement was signed by Wilson Mello, President of the Invest Sao Paulo and Omar Khan, Director of International Offices at Dubai Chamber.

Brazil is one of Dubai's largest trading partners in Latin America with bilateral non-oil trade reaching $1.5 billion in 2018. There are more than 130 Brazilian companies registered with Dubai Chamber. - issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.


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