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Brazil seeks more Chinese investments in key sectors

By LIU JIANNA | China Daily | Updated: 2024-06-06 09:43
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The flags of China and Brazil at the booth of Brazil at the 24th China Hi-Tech Fair in Shenzhen, Guangdong province on Nov 15, 2022. [Photo/VCG]

Brazilian Vice-President Geraldo Alckmin on Wednesday reiterated his country's aspiration for increased Chinese investments in energy, agriculture and infrastructure sectors, and highlighted the remarkable growth in bilateral trade with China, which he said had risen 17-fold from $9 billion in 2004.

Potential reforms will make Brazil more attractive to foreign investors, Alckmin added during the "Brazil-China Business Seminar: The Next 50 Years "held in the Chinese capital on Wednesday.

The seminar, hosted by the China Council for International Investment Promotion and the Brazilian Trade and Investment Promotion Agency, was attended by around 400 representatives from governments, business, investment firms and industry associations of both countries.

Reflecting on his visit to China with President Luiz Inacio Lula da Silva in 2004, Alckmin outlined Brazil's New Growth Acceleration Program, which includes initiatives like the transoceanic logistics corridor that is aimed at enhancing trade routes.

He also discussed Brazil's new industrial program, Nova Industria Brasil, which aims to boost innovation and sustainability, and significantly increase patent registrations, supported by incentives for sectors such as solar energy and semiconductors.

Emphasizing sustainable development, Alckmin cited ongoing efforts to green Brazil's industrial and transportation sectors, including partnerships with Chinese companies like BYD in electric vehicles.

Jorge Viana, head of APEXBrasil, said that bilateral trade reached a record high last year, with China being a significant market for Brazilian cotton, beef and poultry.

Viana stressed the importance of deepening trade relations and launching new collaborative projects, including the establishment of a Brazilian center in Shanghai to further facilitate commerce.

In the first quarter, China's exports to Brazil amounted to 114.28 billion yuan ($15.77 billion), an increase of 25.7 percent. Imports from Brazil surged by 30.1 percent to 208 billion yuan, according to the General Administration of Customs.

According to the Brazilian Trade and Investment Promotion Agency, soybeans, crude oil and iron ore dominate Brazil's exports to China, cumulatively accounting for 75 percent of total exports last year.

Maria Laura da Rocha, secretary-general of the Brazilian Ministry of Foreign Affairs, highlighted the success of the Sino-Brazilian High Level Commission for Consultation and Cooperation, which marked its 20th anniversary this year.

She emphasized the cooperative effort in various fields, from climate change to scientific research, aligning with the strategic priorities set during Lula's visit to China in April last year.

China International Trade Representative and Vice-Minister of Commerce Wang Shouwen reiterated the significance of China-Brazil relations, pointing to the comprehensive strategic partnership and potential for further collaboration in renewable energy, artificial intelligence, pharmaceuticals and medical care.

He also mentioned the promising future of a potential free trade agreement.

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