Saudi Arabia, Brazil Hope to Kindle Investment With Deeper Ties
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Saudi Arabia and Brazil are strengthening their trade ties and diversifying their economies through increased investment. Two-way trade between the countries totaled about $7 billion in 2023 and is expected to rise to $10 billion by 2030. Brazil plans to announce a new plant in Saudi Arabia to produce chicken locally, and planemaker Embraer has partnered with the kingdom to develop its aerospace industry. The Saudi-backed institute will host its first Latin America-focused investment conference in Rio de Janeiro, bringing together top executives from companies including Vale, JBS, and Nu Holdings. The relationship between the two countries is part of Saudi Arabia's economic transformation plan, Vision 2030, which aims to turn the country into a hub for various industries.

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https://www.bloomberg.com/news/articles/2024-06-11/saudi-arabia-brazil-hope-to-kindle-investment-with-deeper-ties