Tuesday September 22, 2020

Sao Paulo’s second overseas trade office opens in the UAE

Jun 05, 2020
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Sao Paulo’s second overseas trade office opens in the UAE

The state of São Paulo in Brazil recently opened its second trade promotion office in the UAE to accelerate trade between Brazil's leading industrial center and the Middle East and North Africa (MENA) region.

The official opening of the office was held in the presence of João Dória, governor of São Paulo and Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, at Dubai Maritime City. The newly opened Trade Promotion Office seeks to expand the trading relationship between São Paulo and the MENA region, including exports of Brazilian products, and to attract investment in São Paulo's privatization projects.

This also means that SMEs stand a better chance of trade exchange to strengthen the trade further to benefit both the Sao Paulo and the UAE. The visit was organized by InvestSP, the state's investment promotion agency. The delegation consisted of over 50 business leaders from the country who visited Abu Dhabi and Dubai. In addition to the businessmen, the delegation includes secretaries Henrique Meirelles (Treasury), Patrícia Ellen (Economic Development), Gustavo Junqueira (Agriculture and Supply), João Octaviano (Logistics and Transport), and Júlio Serson (International Relations).

During the launch, Wilson Mello, president of InvestSP, said, "São Paulo has excellent investment opportunities in both privatization and private sector initiatives. The MENA region is already a major importer of Brazilian products, especially from São Paulo, so we have assembled a team of businessmen and other representatives from the private sector to strengthen trade further."

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According to the Dubai Media Office, exports from Brazil to Arab countries saw a 6.3% year-on-year increase in 2019, making the figure reach $12.197 billion. On the other hand, Brazilian imports from the region entered a value of $6.99 billion.

"The official inauguration of the office in Dubai ushers in an exciting new chapter in our relations, and the Trade Promotion Office will be a valuable addition to the existing strong ties between the Arab region and Brazil," Sultan Ahmed bin Sulayem said during the launch event.

Talking to the Emirates News Agency WAM, the governor of the state, Joao Doria, said, "It is our strategic position and a strategic decision. The reason we chose Dubai to open this office is because of the UAE's importance in the Middle East and Africa region," he said in an exclusive interview in Abu Dhabi."

"This is our second overseas office that will help attract investments from the entire Middle East to Sao Paulo," the governor added.

Notably, Sao Paulo opened its first overseas office in Shanghai, China, in August 2019.

According to the state's investment promotion agency, Sao Paulo's economy is growing almost three times faster compared to the Brazilian national economy, with the state accounting for 31 percent of Brazil's GDP in 2017. This is reflective of the plethora of opportunities that the UAE and the state of Sao Paulo can now share, through the new trade promotion office.

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