Kuwait ambassador predicts fresh investments in Brazil
Nearly two months after the inauguration of President Jair Bolsonaro, Kuwait’s Ambassador to Brazil Nasser Riden Almotairi, predicts a new phase in the economic relations between the two countries, with higher direct investment in privatization and concession initiatives, which will be implemented in the coming months by the Brazilian government, as well as closer commercial ties on both sides.
“Brazil is a country brimming with opportunities,” the ambassador said, noting that his country has enjoyed excellent ties with Brazil for over five decades. Almotairi, in the post since December, is tasked with encouraging the exchange between Brazilian and Kuwaiti companies, as the trade between the two nations is far from being in line with the magnitude of the economic and financial activities of the two countries on the global stage.
In 2018, Brazil exported $227.28 million to Kuwait and imported from $212.94 million the Arab country—a $14. 34 million surplus for the South American country. The main good exported by Brazil to Kuwait is chicken. But the country also exports corn, timber, juice, and shoes to the region, and buys fuels and lubricants.
The diplomat said that his country cherishes its ties with Brazil. “We want Brazil and Kuwait to benefit from the experiences and aspirations of their governments and reach higher and higher horizons,” he added.
Bolstering relations
In a bid to deepen economic and political ties with Brazil, Almotairi has held a large number of events. A week ago, he paid a visit to Brazilian vice-President Hamilton Mourão. On Thursday (21), the ambassador met in Brasília with senators, members of the diplomatic community, and officials from the Brazilian Foreign Ministry and the government to celebrate the 28th anniversary of the Liberation of Kuwait. The date marks the expulsion of Iraqis from the country in 1991.
During the event, Almotairi delivered an optimistic speech about the future of Brazil–Kuwait relations. He described the South American country as “a country with enormous economic potential.” Kuwait has a great source of financial resources named Arab Fund for Economic Development, which provides subsidies, loans, and assistance to over a hundred countries, he pointed out. This investment has investments adding up to $21.5 billion across the world.
The ambassador also mentioned the Kuwait Investment Authority (KIA), which administers assets amounting to $592 billion in several countries around the globe, as well as other sovereign funds. These institutions have the potential not only to boost investment in privatization and concession efforts in Brazil, but also in initiatives in energy and agribusiness.
As a result of its desert climate, Kuwait and the other countries bordering the Persian Gulf are low in food production. Investment in projects for agribusiness and husbandry in Brazil helps meet market demands in the region.
