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Brazilian-Saudi Investment Forum Witnesses Signing of 25 MoUs in Various Fields

The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
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Brazilian-Saudi Investment Forum Witnesses Signing of 25 MoUs in Various Fields

The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)

The Saudi Ministry of Investment organized on Monday in Sao Paulo the Brazilian-Saudi Investment Forum, which saw the signing of many memoranda of understanding (MoUs) in various fields, SPA said.
The 25 MoUs covered the fields of petrochemicals, healthcare, defense, food, real estate, tourism, water desalination and treatment, and agriculture.
Attending the Forum were Brazil’s Vice President and Minister of Development, Industry, Trade, and Services Geraldo Alckmin; Saudi Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih; Mayor of Sao Paulo Ricardo Nunes; Saudi Ambassador to Brazil Faisal bin Ibrahim Ghulam; President of the Federation of Industries of the State of Sao Paulo Josue Gomes; and a number of government officials, CEOs of major companies as well as representatives of the private sector from both countries.
The Forum constituted a significant opportunity for Saudi and Brazilian companies to exchange expertise, explore collaboration and partnership prospects and discover the investment opportunities available in the two countries.
The Forum also saw presentations about the “INVEST SAUDI” initiative, investment in the Kingdom’s economic zones, Riyadh Expo 2030, investment opportunities in Brazil and the investment environment in Sao Paulo.
Additionally, dialogue sessions were held during the Forum, covering the sectors of transportation, logistics services, mining, food industries, agriculture, healthcare, sports, and entertainment.

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China to US: 'Market Has Spoken' after Tariffs Spur Selloff

US and Chinese flags and a label with the word "34% Tariffs" are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
US and Chinese flags and a label with the word "34% Tariffs" are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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China to US: 'Market Has Spoken' after Tariffs Spur Selloff

US and Chinese flags and a label with the word "34% Tariffs" are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
US and Chinese flags and a label with the word "34% Tariffs" are seen in this illustration taken, April 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

China said on Saturday "the market has spoken" in rejecting US President Donald Trump's tariffs, and called on Washington for "equal-footed consultation" after global markets plunged in reaction to the trade levies that drew Chinese retaliation.

Several Chinese commerce associations in industries from healthcare and textiles to electronics also issued statements on Saturday calling for unity in exploring alternative markets and saying the tariffs would worsen inflation in the United States.

Hong Kong Financial Secretary Paul Chan told public broadcaster RTHK, however, Hong Kong would not impose separate countermeasures, citing the need for the city to remain "free and open".

"The market has spoken," Chinese foreign ministry spokesperson Guo Jiakun said in a post on Facebook on Saturday. He also posted a picture capturing Friday's falls on US markets, Reuters reported.

Trump introduced additional 34% tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54%.

Trump also closed a trade loophole that had allowed low-value packages from China to enter the US duty-free.

This prompted retaliation from China on Friday, including extra levies of 34% on all US goods and export curbs on some rare earths, escalating the trade war between the world's two largest economies.

Global stock markets plummeted following China's retaliation and Trump's comments on Friday that he would not change course, extending sharp losses that followed Trump's initial tariff announcement earlier in the week and marking the biggest losses since the pandemic. For the week, the S&P 500 was down 9%.

"Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation," Guo wrote in English.

China's chamber of commerce, representing traders in food products, called on "China's food and agricultural products import and export industry to unite and strengthen cooperation to jointly explore domestic and foreign markets".

Hong Kong's Chan said it strongly opposes Trump's actions and would persist in being "free and open".

"Allowing a free flow of capital and acting as a free port are our advantages, and this will not change," Chan told public broadcaster RTHK.

"The rules-based multilateral trading system is our core," he said.