Brazil’s President, Luiz Inácio Lula da Silva, met in Riyadh with Saudi Arabia’s Crown Prince, Mohammed bin Salman.
They discussed increasing bilateral trade from $8 billion to an ambitious $20 billion by 2030. This significant rise reflects the deepening economic ties between the two nations.
A central topic was Saudi Arabia’s planned $10 billion investment in Brazil. Out of this, $9 billion is earmarked for the next seven years.
The investment focuses on diverse sectors like clean energy, green hydrogen, defense, and technology.
It also includes agriculture and infrastructure projects linked to Brazil’s New Growth Acceleration Program.
President Lula emphasized Brazil’s role in the energy transition and combating the climate crisis.
He shared plans to present Brazil’s deforestation control and forest preservation progress at COP 28 in Dubai.
This initiative demonstrates Brazil’s commitment to environmental sustainability.
The Crown Prince recognized the economic leadership of both Brazil and Saudi Arabia in their regions.
He suggested that a stronger partnership would benefit both countries. His interest in visiting Brazil, especially the Amazon, indicates a desire for closer ties.
Additionally, the Crown Prince pointed out the strategic significance of Brazil’s upcoming G-20 presidency.
He also mentioned Saudi Arabia’s recent entry into BRICS.
His country aims for active participation in the BRICS New Development Bank, showcasing Saudi Arabia’s expanding global economic role.
These discussions mark a pivotal moment in Brazil-Saudi relations. They pave the way for increased collaboration and mutual growth in diverse economic sectors.