Brazilian mission urges stronger ties between emerging economies

Emerging economies must increase trade and investment among themselves in the wake of the current global economic crisis. And a visiting Brazilian trade mission is clearly acting on this advice with an estimated $60 million in successful deals concluded during a two week visit to Mozambique, Angola and South Africa at the end of November. Organised by the Brazilian ministry of development, industry and foreign trade (MDIC) and the Brazilian trade and investment promotion agency (Apex-Brazil), the mission included representatives from 53 Brazilian companies. “We have come a long way in the past few years in terms of bilateral agreements and trade,” said the MDIC’s Peter Stossel at the opening of the South African leg of the trade mission in Sandton last week. “Obviously the choice of Angola and Mozambique is due to the language and culture bond that we have, but South Africa is just as important in that we want to create partnerships that benefit both our countries.” Riaan le Roux of South Africa’s Department of Trade and Industry said as the world’s economic woes – especially in North America and Europe – continued, partnerships and trade development between emerging economies such as South Africa and Brazil became increasingly important. Africa’s total share of Brazil’s trade remains small at present at just over 5%. But Stossel says this is set to change as the country launches a drive to expand its economic ties. “We are committed to growing our footprint in Africa and we are taking a different path as it is important for us to build capacity, hire local people, and transfer technology and skills, because we want to leave a legacy,” said Stossel. According to Le Roux South Africa and Brazil have a common destiny and it therefore makes sense to increase trade. “Trade missions such as these are extremely important in this regard,” he said. Industries represented by the delegates included housing and civil construction, machinery, equipment, food and beverage as well as agribusiness.