RIYADH: Saudi Arabia’s Saline Water Conversion Corp. and Brazilian company WEG have agreed to share knowledge and expertise on research, innovations and engineering applications on water desalination.
In a memorandum of understanding signed during the recent Brazilian-Saudi Investment Forum, both parties also agreed to develop opportunities for localization and content enrichment in electrical engineering.
The agreement also focuses on developing and enhancing the efficiency of various electrical systems, such as motors and variable frequency devices.
Moreover, it targets improving the performance of standard low-voltage motors and innovating high-efficiency electrical systems to reduce energy consumption.
A Saudi delegation is now on a tour of Latin American countries to promote investment and partnership opportunities with governments and private companies.
Aside from Brazil, the Saudi delegation will also visit Argentina, Uruguay, Paraguay, Chile, Costa Rica and Panama until Aug. 9.
The tour comes as an extension of previous visits organized by the Kingdom’s Ministry of Investment to a number of Caribbean , Latin and South American nations with the aim of building bridges of communication, the Saudi Press Agency reported in July.
The delegation, which includes several government agencies, national firms and representatives of the private sector, is expected to highlight the growing opportunities between the Kingdom and Latin American countries across all fields of common interest.
The forum will see the participation of several officials and CEOs of major companies as well as representatives of the private sector from the Kingdom and Brazil.
Moreover, the forum will tackle issues related to investment and environment in the two countries, in addition to a number of discussion sessions on opportunities in mining, food processing, agriculture and transport.
The sessions will also tap into opportunities in various other sectors including logistics, healthcare, entertainment and pharmaceuticals.
Furthermore, the forum will shed light on potential collaboration between investors in the two countries.
During his tour to the six remaining nations, Saudi Arabia’s Investment Minister Khalid Al-Falih is scheduled to hold numerous meetings and roundtables with firms to explore new opportunities and further deepen investment partnerships.