Saudi Arabia, Brazil forge partnerships to boost public and private sector investment

Saudi Arabia and Brazil have signed multiple agreements to boost public and private sector investment, focusing on defense industries, research and development, and technology transfer and localization.

This came as a bilateral meeting was held between Saudi Arabia’s Minister of Investment, Khalid Al-Falih, and Brazil’s Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, to strengthen trade ties.

The Saudi minister also held an expanded meeting with government representatives from both countries to discuss opportunities and ways to develop economic and investment relations.

During a roundtable meeting for the Saudi-Brazilian private sector, top officials witnessed the signing of three memorandums of understanding aimed at developing investments through partnerships between the public and private sectors, stated Al-Falih in a statement on X.

The industry minister’s roundtable followed a deal signed during a meeting between Saudi Defense Minister Prince Khalid bin Salman and Alckmin.

The gathering, attended by senior Saudi and Brazilian military and civil officials, focused on bilateral relations and strengthening cooperation in defense industries, R&D, and technology transfer and localization, aligning with Saudi Vision 2030.

The pair also reviewed regional and international developments, as reported by the Saudi Press Agency.

These developments follow the Saudi government’s announcement in March of its consideration to open an Investment Ministry office in Sao Paulo, aiming to bolster trade and business with Brazil.

The announcement came during the Brazil-Saudi Arabia Conference, attended by a delegation of approximately 70 Brazilian businesspeople and officials, including Saudi Deputy Investment Minister Ibrahim Al-Mubarak and the Ministry’s Executive Director, Waleed Al-Rubaie.

The event program also included a visit to the Saudi Public Investment Fund.

Joao Doria Neto, president of the business group LIDE overseeing the Brazilian delegation, stated to Arab News in March that the two countries “have a solid commercial relationship” with opportunities for “successful partnerships.”

This came as bilateral trade between the nations reached $6.7 billion last year.

At the conference, he said, “We were able to understand the countless possibilities for bilateral business.”