RIO DE JANEIRO: Prime Minister Datuk Seri Anwar Ibrahim's inaugural visit to Brazil has generated potential export opportunities worth RM6.8bil (US$1.57bil) over the next three to five years.
Anwar, who also serves as the Finance Minister, credited this achievement to discussions with 58 industry leaders representing 28 top companies and business associations in Brazil.
"This round-table meeting generated a potential export value of RM6.8bil for the next three to five years," Anwar stated during a press conference on Monday (Nov 18).
The identified export prospects include oil and gas services, semiconductors, palm oil, aerospace components, and food and beverage products.
The visit also paved the way for business collaborations aimed at bolstering Malaysia-Brazil trade ties.
Brazilian companies involved in these discussions collectively imported RM1.16bil (US$267.1mil) worth of Malaysian goods and services in 2023.
These collaborations span a variety of sectors, including oil and gas, renewable energy, aerospace, medical devices, semiconductors, information and communication technology, mining, halal products, and vegetable oils and cooking fats.
Malaysia and Brazil enjoy robust bilateral and multilateral relationships across various fields.
Bilateral trade between the nations grew by 19.8% from January to September 2024, reaching RM14.83bil (US$3.2bil), compared to RM12.38bil (US$2.74bil) during the same period in 2023.
In 2023, Brazil was Malaysia’s second-largest trading partner in Latin America after Mexico.
Brazilian investments in Malaysia totalled RM8.64bil (US$2.73bil), covering food manufacturing, rubber products, transport equipment, and global distribution hubs.
Meanwhile, Malaysian companies such as PETRONAS, Yinson, and Sapura have invested over US$15bil in Brazil’s energy and oil and gas sectors. – Bernama
