RIO DE JANEIRO (Brazil), 19 NOVEMBER 2024 — Prime Minister Datuk Seri Anwar Ibrahim’s inaugural visit to Brazil has generated export potential worth RM6.8 billion (US$1.57 billion) over the next three to five years.

Anwar, who is also the Finance Minister, attributed this success to discussions with 58 industry leaders representing 28 leading companies and business associations in Brazil.

The visit also opened avenues for business collaborations aimed at strengthening Malaysia-Brazil trade ties.

Malaysia and Brazil share strong bilateral and multilateral ties across various fields.

Bilateral trade between the nations grew by 19.8 per cent from January to September 2024, reaching RM14.83 billion (US$3.2 billion), compared to RM12.38 billion (US$2.74 billion) during the same period in 2023.

In 2023, Brazil was Malaysia’s second-largest trading partner in Latin America after Mexico.

Brazilian investments in Malaysia amounted to RM8.64 billion (US$2.73 billion), covering food manufacturing, rubber products, transport equipment, and global distribution hubs.

Meanwhile, Malaysian companies such as PETRONAS, Yinson, and Sapura have invested over US$15 billion in Brazil’s energy and oil and gas sectors. — Bernama