Saudi Arabia, Brazil discuss logistics ties + ink energy MoU

KSA, Brazil talk boosting logistics ties: Saudi Arabia and Brazil held a roundtable last week to discuss expanding investment partnerships in various fields, including logistics services, energy, renewable energy, mining, agriculture and petrochemicals, SPA reports.

Background:Finance, transport, logistics, and the automotive sector were discussed as potential areas of collaboration during the KSA-Brazil Investment Forum earlier this year. Saudi Arabia expressed hopes that the two countries will become “top-five investors in each other’s economy.” Saudi exports to Brazil reached USD 1.9 bn between January and July, while imports hit USD 1.8 bn, more than any other country in the region, according to Zawya.

The two countries inked an energy MoU: Saudi Energy Minister Abdulaziz bin Salman and Brazilian Mining and Energy Minister Alexandre Silveira inked an energy MoU during the visit, according to a statement.