Trade set to exceed $2 billion

THE trade volume between Bahrain and Brazil is expected to hit $2 billion, with the signing of multiple memoranda of understanding (MoUs) between the two countries.

This was announced last night during a Press conference at the Isa Cultural Centre by Foreign Affairs Minister Dr Abdullatif Al Zayani.

He stressed the importance of the expanded talks held by His Majesty King Hamad with Brazilian President Jair Bolsonaro during his visit to Bahrain, which witnessed the signing of a number of agreements to strengthen economic and trade relations between the two countries.

Dr Al Zayani also noted the signing of an MoU to bolster co-operation between the two countries’ banking sectors, as well as the two announced by the Bahrain Chamber earlier yesterday.

During the ‘Expanding Co-operation Prospects and Long-term Partnership’ forum yesterday at the Ritz-Carlton Bahrain, the Arab-Brazilian Chamber of Commerce signed separate MoUs with the Bahrain Chamber and the Federation of GCC Chambers.

These agreements stipulate joining forces in holding business functions, exchanging business delegations, and sharing research.

The agreements were signed by Bahrain Chamber and Federation of GCC Chambers chairman Sameer Nass, with Arab-Brazilian Chamber chairman Osmar Chohfi.

Speaking at the event, Mr Bolsonaro highlighted investment and partnership opportunities, especially in mining, water, and food security.

According to preliminary data provided by Bahrain Customs Affairs, exports from Bahrain to Brazil hit $87.59 million in 2020, up from $76.57m in 2019. Aluminium wire and fertiliser were the main exports from the kingdom.

Meanwhile, imports by Bahrain from Brazil were recorded at $808.04m last year, down from $854.08m in 2019. Iron ore, aluminium oxide and meat were the primary imports from Brazil.

Dr Al Zayani also announced that Brazil had become a member of the Global Sea-to-Air Logistics Hub, which would allow for the smoother flow of products between the two countries.

The Foreign Minister also told the GDN and its sister newspaper Akhbar Al Khaleej last night that there are ongoing discussions between the two countries to draw up an MoU in the field of defence co-operation.

Direct flights between the kingdom and Brazil are also being studied, as economic co-operation between the two sides deepens.

Dr Al Zayani noted the value trade ties with Brazil could hold for Bahrain, since the former is a member of the G20 group of countries, and could be a gateway to the rest of Latin America.

When asked whether the mutual love for football between the two countries could lead to co-operation in sports, Dr Al Zayani said that possibilities were being explored in all sectors. He reminisced about Bahrain and Brazil’s 1979 friendly international match, during which the Latin American country won 2-0.

Mr Bolsonaro also visited the Bahrain Economic Development Board yesterday, where he met Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa, and discussed economic, trade and investment co-operation.

Soirce: https://www.gdnonline.com/Details/1013797/Trade-set--to-exceed-$2-billion