The UAE’s Minister of State for Foreign Trade, Thani Al Zeyoudi, met with Brazilian ministries and senior officials in Brasilia as the UAE continues to strengthen its trade and economic connections with Latin America’s largest economy.
“Al Zeyoudi attended the unveiling of Brazil’s $347.5 billion development acceleration plan last Friday. The plan’s goal is to use public-private partnerships to fund energy, logistics, and urban infrastructure projects,” according to the UAE Ministry of Economy.
“Brazil is one of the new growth centers, one that embodies the gravitational swings in the economic landscape away from the G7 nations and toward new hubs of opportunity in the global south,” Al Zeyoudi said.
“The UAE is eager to form mutually beneficial partnerships with such economies in order to provide exciting new markets for our private sector,” he added.
Brazil is the UAE’s largest trading partner in Latin America, ranking second only to the United States among the UAE’s most important trading partners in the Americas.
Non-oil trade with Brazil reached $4.3 billion last year, representing a 32% increase year over year, according to the UAE’s Ministry of Economy.
The two countries collaborate in critical industries such as industry, transportation, shipping, storage, infrastructure, construction, port management, energy, mining, banking and finance, and real estate.
