Brazil reaches agreement with China to boost coffee exports
Brazil's Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, signed an agreement with China on Wednesday (Jun. 5) to potentially boost the country's coffee exports by $500 million.
During his visit to the Asian country, Alckmin signed memorandums of understanding to promote Brazilian coffee with China's largest coffee shop chain, Luckin Coffee, which boasts over 16,000 stores and stands as the primary importer of Brazilian coffee in China.
The signed agreement entails the purchase of roughly 120,000 tons of Brazilian coffee by the chain, totaling around $500 million. To put this in perspective, Brazilian coffee exports for the entire year of 2023 amounted to $280 million.
In addition to the deal with Luckin Coffee, Brazil also signed an agreement with China to establish a trade and investment hub in Shanghai's Yangpu district, which is known for housing technology giants like TikTok. A total of 12 memorandums were signed to boost Brazil's presence in the Asian market, facilitated by the Brazilian Export Promotion Agency (ApexBrasil).
Partnership with Fiocruz
During Alckmin's visit to China, the Chinese pharmaceutical company Sinovac, known for developing the Coronavac vaccine, announced a $100 million investment in Brazil to support the development of cell therapy and the local production of vaccines and monoclonal antibodies, which are medicines made from genetic technology and used to treat infectious diseases.
The Chinese pharmaceutical company also announced that it has signed an agreement with Brazil’s Oswaldo Cruz Foundation (Fiocruz) to cooperate in researching and developing vaccines to combat health crises.
"I myself received the Coronavac vaccine," said the vice president, referring to the COVID-19 immunizer that has helped save thousands of Brazilians. "Science benefits the world, and we must continue to progress. We need to collaborate, and I appreciate Sinovac's commitment to investing in Brazil," he noted.
