Egypt Seeks To Attract Brazilian Companies

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – Egypt aims to attract Brazilian companies and expand its current trade with Brazil, said local authorities on Monday (28) during a meeting with the Arab-Brazilian Chamber of Commerce (ABCC ) President Osmar Chohfi and Secretary-General and International Relations Vice President Mohamad Mourad.

One of the meetings held by the representatives of the ABCC was with local Foreign Minister Badr Abdelatty in the country's new capital, New Cairo. The minister emphasized the importance of trade between Brazil and his country and highlighted that promising sectors include pharmaceuticals, logistics, renewable energy, agribusiness, and information technology.

The minister mentioned that Egypt Air could begin operating commercial flights to Brazil in 2025 or 2026. He also emphasized the need to diversify the trade between Brazil and his country, as the latter has a free trade agreement with Mercosur (a bloc that also includes Argentina, Uruguay, Paraguay, and Bolivia).

The minister also noted the importance of making the North African country a gateway for Brazilian products to be sold across Africa, just as Brazil could serve as the entry point for Egyptian products into Mercosur. Abdelatty also suggested creating a Brazil-Egypt business council to foster greater interaction between the two countries.

Chohfi and Mourad committed to providing full support from the ABCC to strengthen Brazil-Egypt relations and diversify trade. They also mentioned the possibility of cooperation between startups from both countries through a mission organized by CCAB Lab, which connects innovation sectors in Brazil and Arab countries.

Abdelatty mentioned that he met with Brazil's Foreign Minister Mauro Vieira last Tuesday (22) in Kazan, Russia, during a BRICS group meeting.

Originally consisting of Brazil, Russia, India, China, and South Africa, BRICS added new members earlier this year, including Egypt. Brazil will preside over the group in 2025. In November, Brazil will host the G20 summit, which brings together the world's largest economies, with Egyptian President Abdel Fattah El-Sisi in attendance. The event will take place on November 18 and 19 in Rio de Janeiro.

Also on Monday, Chohfi and Mourad met with the Secretary-General of the Union of Arab Chambers, Khaled Hanafy; the Director of Arab and Joint Chambers of the Union of Arab Chambers, Hoda Kashtan; and the Dean of the College of International Transport and Logistics at the Arab Academy for Science, Technology, and Maritime Transport, Sara Hassan Kamal Elgazzar. The expansion and diversification of trade exchanges between the two countries were also topics of this meeting, along with the creation of a hub for Brazilian companies in the Suez Canal and logistical integration between the two nations.

In 2023, Brazil exported USD 2.3 billion to Egypt, making it the fourth main destination of Brazilian exports among Arab countries. In turn, Brazil imported USD 488.9 million from Egypt, with it being the seventh-largest Arab supplier to Brazil in 2023. The main products exported by Brazil include sugar, corn, iron ore, beef, and poultry. Fertilizers were the top product imported by Brazil from Egypt.

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Translated by Guilherme Miranda

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