Brazilian Ambassador Flavio Marega and Majed Abdullah Alihedayan, RCCI legal consultant with senior officials and guests.

Brazilian Ambassador Flavio Marega has proposed that the duration of the reciprocal business visas for the investors from the Kingdom and the South American country be reciprocally increased to five years instead of the existing 90 days in order to bolster bilateral trade and commerce.

Brazil, the largest country in the South America, and Saudi Arabia are members of the Group of Twenty (G-20), the premier forum for international economic cooperation and decision-making comprising 19 countries plus the European Union (EU).

Brazil became an observer of the Arab League in 2003 and recognized Palestine as an independent state in 2010. It is also bidding for the observer status at the Organization of Islamic Cooperation (OIC).

The envoy made the proposal during his opening remarks at a seminar on Brazilian capital and financial markets organized here by the Riyadh Chamber of Commerce and Industry (RCCI) to familiarize Saudi investors with the equity market in Brazil.

He also proposed for a Joint Business Council (JBC) with the Kingdom saying it is need of the time and indicated that the matter is being pursued with the Council of Saudi Chambers (CSC)

Marega said: “Sharing very cordial relations; very soon we are going to complete 50 years of diplomatic ties between Saudi Arabia and Brazil, which was established in 1968.”

“Today, Saudi Arabia is the biggest trading partner of Brazil in the Middle East and North Africa (MENA) region with the balance of trade in favor of Saudi Arabia,” he said.

As per the data provided by the Brazil Embassy, Brazil’s exports to the Kingdom in 2013 stood at $ 2,838.77 million while its imports at $ 3,194.22 million, the bilateral trade thus totaling $ 6,032.99 million.

The envoy maintained that now it is time to bring the two business communities together to further bolster the cooperation.

Earlier, Saud Al-Sehali, assistant secretary general for economic affairs at the RCCI, welcomed the Brazilian delegation and Saudi investors at the forum to discuss the opportunities for Brazilian capital and financial market saying this meeting assumes significance to boost bilateral economic cooperation.

He hoped that Brazil will emerge as an alternative and a viable destination for Saudi capital. “Hopefully, this session should help clear the air for our investors going abroad, especially to Brazil,” he added.

The seminar also had a technical session with Sergio Gullo, chief representative, BM&F Bovespa, the Brazilian stock exchange, who came from London to make a power point presentation during which he invited Saudi investors to venture into the Brazilian capital and financial markets assuring safety and security of their investment saying, “your investment will be protected as much as we care for our local investors.”

He said: “I must assure Brazil has safe and sound regulatory environment.” When asked about the issue of security risk, he told Arab News: “The Brazilian market is open and safe for investors.”

The session ended with Majed Abdullah Alihedayan, legal consultant, RCCI proposing the vote of thanks.

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