CAIRO: The Egyptian Minister of Trade and Industry Nevin Gamea has stressed the depth and history of the bilateral relations between Egypt and Brazil during her speech at the Arab-Brazilian Economic Forum.
Brazil is Egypt’s largest trading partner in the Latin American continent, with trade exchange rates reaching about $2.5 billion in 2021.
She noted the Brazilian business community enjoys great investment opportunities in the Egyptian market in transportation, spare parts, pharmaceuticals, engineering and textiles. Emergency markets and investment trends include renewable energy.
The forum has been visited by Brazilian President Jair Bolsonaro, Osmar Chohfi, president of the Arab Brazilian Chamber of Commerce, and a large number of ministers, ambassadors and representatives of diplomatic missions.
Gamea invited the Brazilian representatives to visit Egypt, to see the achievements of the Egyptian economy over the past eight years, to identify opportunities for cooperation and to benefit from free trade agreements signed with more than 80 countries that enable companies to produce goods in Egypt and export them without customs duties.
The Egyptian minister said that the free trade agreement between Egypt and the Mercosur countries, which entered into force in 2017, has played a pivotal role in promoting trade with Egypt, especially from Brazil, noting that the agreement contributed to increasing the competitiveness of Egyptian exports and enhancing its access to all countries in the South American trade bloc.
Gamea said that links with the Brazilian market represent a pivotal focal point in wider market access and marketing goods to neighboring countries.
Gamea added that after the agreement was signed, Egyptian exports to Brazil rose from $155 million in 2017 to $541 million in 2021, pointing out that the agreement provided access to many strategic goods at competitive prices.
The minister congratulated the Arab-Brazilian Chamber of Commerce on its 60th anniversary, praising its efforts in supporting economic relations between Arab countries and Brazil.
She also congratulated the chamber on the opening of its regional headquarters in Cairo, which will contribute to strengthening trade relations between the two countries.