PM’s Brazil visit secures RM6.8 bil in export potential

RIO DE JANEIRO (Brazil): Prime Minister Datuk Seri Anwar Ibrahim's inaugural visit to Brazil has generated export potential worth RM6.8 billion (US$1.57 billion) over the next three to five years.

Anwar, who is also the Finance Minister, attributed this success to discussions with 58 industry leaders representing 28 leading companies and business associations in Brazil.

"This round-table meeting generated export potential of RM6.8 billion (US$1.57 billion) for the next three to five years," Anwar said during a press conference on Monday.

The identified export opportunities include oil and gas services, semiconductors, palm oil, aerospace components, and food and beverage products.

The visit also opened avenues for business collaborations aimed at strengthening Malaysia-Brazil trade ties.

Brazilian companies involved in these discussions collectively imported RM1.16 billion (US$267.1 million) worth of Malaysian goods and services in 2023.

These collaborations span diverse sectors, including oil and gas, renewable energy, aerospace, medical devices, semiconductors, information and communication technology, mining, halal products, and vegetable oils and cooking fats.

Malaysia and Brazil share strong bilateral and multilateral ties across various fields.

Bilateral trade between the nations grew by 19.8 per cent from January to September 2024, reaching RM14.83 billion (US$3.2 billion), compared to RM12.38 billion (US$2.74 billion) during the same period in 2023.

In 2023, Brazil was Malaysia's second-largest trading partner in Latin America after Mexico.

Brazilian investments in Malaysia amounted to RM8.64 billion (US$2.73 billion), covering food manufacturing, rubber products, transport equipment, and global distribution hubs.

Meanwhile, Malaysian companies such as PETRONAS, Yinson, and Sapura have invested over US$15 billion in Brazil's energy and oil and gas sectors.

-- BERNAMA

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