Saudi Arabia and Brazil have signed multiple agreements to amplify public and private sector investment, especially in defense, research and development (R&D), and technology transfer.

This initiative was spearheaded by Saudi Arabia’s Minister of Investment, Khalid Al-Falih, and Brazil’s Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, during a bilateral meeting in Riyadh.

Discussions encompassed ways to strengthen economic and trade relations through a meeting involving government representatives from both nations.

Key aspects of the collaboration were formalized in three memorandums of understanding during a roundtable meeting for the Saudi-Brazilian private sector.

These agreements followed another crucial meeting where Saudi Defense Minister Prince Khalid bin Salman and Alckmin signed a deal to enhance cooperation in defense industries and technology localization, aligning with Saudi Vision 2030.

The recent initiatives add to Saudi plans announced in March to open an Investment Ministry office in Sao Paulo, enhancing trade and business ties.

Last year, bilateral trade between the two countries amounted to one dollar 6.7 billion, indicating a strong commercial relationship.