Riyadh: The Federation of Saudi Chambers and the Brazilian LIDE Group held today the Saudi-Brazilian Business Forum, in which 150 Saudi and Brazilian investors from various economic sectors took part.

Saudi Ambassador to Brazil Dr. Faisal Ghulam delivered a speech at the event, highlighting the strong economic relations Saudi Arabia and Brazil have had for some 55 years. He also stressed that Brazil is an important trading partner for the Kingdom; the volume of trade between them stands at $8 billion.

Ghulam also talked about the positive outcome of the Brazilian president's visit to the Kingdom, including the establishment of a joint coordination council.

Chairman of the Board of Directors of the Brazilian LIDE Group Luiz Fernando Furlan praised the economic developments in Saudi Arabia under Vision 2030, adding that this gives Brazilian investors significant investment opportunities in the Saudi market.

Chairman of the Saudi-Brazilian Business Council Mishal bin Hithlain stressed that the establishment of the Saudi-Brazilian Coordination Council will take the relationship between the two countries to the level of strategic partnership. The council, he said, will work to advance the partnership, overcome challenges, and facilitate visas for the business communities from the two countries.

Head of Brazilian LIDE Group João Doria expressed his admiration for Saudi Arabia's Vision 2030 and its projects, urging businessmen to explore the great investment opportunities available in the two countries.

Representative of the Brazilian LIDE Group in the Kingdom Abdul Malik Al-Qahtani said he was proud to represent the group in Riyadh, and promised to serve the business sectors, develop economic relations, overcome obstacles, and facilitate the visa-obtaining process.

The forum’s working sessions highlighted trade and investment partnership opportunities in the two countries, in the fields of aviation, energy, logistics services, mining, agriculture and food security, real estate, health care, and pharmaceutical industries.

This event was the first held by the LIDE Group after it opened its office in Riyadh. It reflects the desire of the two countries to develop economic cooperation.