The Brazilian President Jair Bolsonaro began a three-day state visit to the United Arab Emirates on Saturday October 26th.
The UAE is the first Arab country to receive the newly elected Brazilian president who took office in January 2019.
This visit comes at a special moment for bilateral trade relations between the two countries and will focus on supporting business transactions, the Emirates News Agency (WAM) reported, citing Fernando Luís Lemos Igreja, the Brazilian Ambassador to the UAE.
"The bilateral trade stood at US$2.6 billion in 2018, however, the first eight months of 2019 have already witnessed US$2 billion trade transactions. This means 2019 trade volumes will surpass the 2018 figures," Igreja said in an interview with WAM.
Bolsonaro will open the Brazil-UAE Business Forum in Abu Dhabi on the morning of Sunday October 27th, Igreja said.
The forum will showcase investment opportunities in both countries, as more than 100 Brazilian business leaders and entrepreneurs have arrived in the UAE to attend the forum.
"We expect the same number of UAE businesspersons also at the forum," the ambassador said.
The UAE and Brazil signed bilateral agreements in 2018 on the avoidance of double taxation and the facilitation of investments.
Among the Brazilian companies operating in the UAE is BRF, one of the largest food companies in the world, with products under brands that include Sadia, Banvit, Hilal, Perdix and many others.
BRF has the biggest meat processing plant in the Middle East region in Khalifa Industrial Zone Abu Dhabi, KIZAD, which employs 600 people.
Igreja said that more such Brazilian companies are expected to enter the UAE market soon, adding that the innovation communities in the two countries also "have a close link.”
He said that a Brazilian start-up won top prize at the early October GITEX Future Stars event, the region’s biggest startup pitch competition.