UAE, Brazil explore bilateral initiatives at Economic Sustainability Forum

By Arya M Nair, Intern Reporter
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The UAE and Brazil have explored new growth prospects during the first-of-its-kind high-profile meeting titled ‘Brazil – UAE: Economic Sustainability Forum in the Amazon Region’ held in Dubai.

The forum focused on economic growth and sustainability was held in the presence of Mr. Osmar Chohfi, former Ambassador and President of Arab-Brazilian Chamber of Commerce (ABCC), Mr. Abdullah bin Touq Al Marri, Minister of Economy, Ms. Mariam bint Mohammed Saeed Hareb Al Mheiri, UAE Minister of Climate Change and Environment, Mr. Hamilton Mourão, Vice President of the Federal Republic of Brazil and Mr. Fernando Igreja, Brazilian Ambassador to the UAE.

The discussion was divided into three parts, each with a different theme. The first session focused on “Innovation and Digital Technologies Partnership for Sustainable Development.” The second and third sessions were on “Food Security and Environmental Sustainability Cooperation between the UAE and Brazil” and “Economic and Business Sustainability – Leading Experiences from the UAE and Brazil,” respectively.

Mr. Al Marri stressed the importance of the UAE-Brazil commercial and trade links, which include a wide range of vital and key sectors as well as, this is in line with both countries’ long-term economic development plans. Most notable among these are agriculture and food security, infrastructure, transportation, energy, renewable energy, innovation, artificial intelligence, and space.

Abdulla bin Touq Al Marri
Abdulla bin Touq Al Marri
UAE Minister of Economy

“The non-oil trade exchange between the two countries reached $2.8 billion in 2020, despite the repercussions of the COVID-19 pandemic on global trade and we are keen to work closely with our Brazilian government partners to achieve further progress in the trade and investment partnership between the two countries in sectors of mutual interest.”

Brazil is the largest economy in South America and a country with a significant regional and global stand. It is a key focus on the UAE’s agenda for international economic cooperation.

The country has proven to be a reliable provider of food security even during the worst phases of the pandemic and is shaping a friendly business environment for private actors to generate value, jobs, and creative solutions for the future of Amazon. Brazil is seeking to foster partnerships with the private sector, foreign governments, and investment funds for the sustainable development of the Amazon, stated Mr. Hamilton Mourã.

Mr. Osmar Chohfi highlighted, “Building and maintaining alliances between Brazil and the Arab nations have been the mission of Arab-Brazilian Chamber of Commerce. As we approach our 70th year as an important bridge of cooperation among our countries, we believe that it is about time that we raise our level of engagement to include sustainable development models in our bilateral initiatives. We are confident that the forum has opened the doors for increased cooperation in this field for both sides.”

The forum took place amid the UAE’s increased environmental sustainability initiatives in line with its Vision 2021 and National Agenda. The Emirates aims to generate 27 percent of its energy needs from renewable sources, bringing down its per capita greenhouse gas emissions and deploying agricultural technology to achieve a 30 percent productivity improvement within the sector.

Moreover, it has allocated $544 million to build a sustainable city in the country, while raising $1.63 billion in investments to make Dubai a “Green Paradise” by 2025.

Related: UAE’s ICBA unveils new genomic research facility to address food security