Trade and Industry Minister Nevine Gamea said the Brazilian business community has distinguished investment opportunities in the Egyptian market in the fields of transport, spare parts, engineering industries, renewable energy, textiles and pharmaceuticals.
Gamea was delivering a speech on Monday during her virtual participation in the Brazil-Arab Countries Economic Forum in the presence of Brazilian President Jair Bolsonaro, President of the Arab Brazilian Chamber of Commerce (ABCC) Osmar Chohfi, and a galaxy of diplomats and ambassadors.
Gamea pointed out that Brazil is the biggest trade partner for Egypt in Latin America with a volume of trade exchange reaching $2.5 billion in 2021, inviting partners in Brazil to visit Egypt and benefit from free trade agreements signed with more than 80 countries.
The minister hailed the role of the free trade agreement between Egypt and MERCOSUR which boosted the competitiveness of Egyptian exports, noting that the Egyptian exports to Brazil increased after the enforcement of the agreement from $155 million in 2017 to $541 million in 2021.
She also asserted the importance of upgrading the Arab-Brazilian economic relations from export and import to the phase of the partnership.
Source: State Information Service Egypt