Brazil’s ambassador to China, Mark Galvão, has called for more Chinese investment in his country, highlighting the strong trade ties that have defined the Sino-Brazilian relationship for half a century, reports the China News Service.
“We want China to play a role in our re-industrialisation, particularly in energy transition and technology development,” Galvão said, “as we want a stronger, more competitive industry with more value-added products.” He called specifically for increased investment by Chinese companies in boosting Brazil’s industrial capabilities.
China is already a major force in foreign direct investment in Brazil, pouring about US$72 billion into the South American nation. Around three-quarters of that is in energy, with Chinese investment playing a key role in easing the transition to clean energy in Brazil.
Among the signature energy initiatives is the Belo Monte phase II transmission project, built to connect energy hubs in the north with major population centres in the south. The US$3.4 billion project will be financed, constructed and operated by State Grid Corp of China under a 30-year franchise agreement signed earlier this year. It is the first overseas project to use Chinese ultra-high-voltage transmission technology.
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China is also Brazil’s biggest trade partner, a position it has held for 15 consecutive years, and Brazil is China’s ninth largest with over US$180 billion in trade in 2023, up 6.1 percent, making it the third year in a row to top US$100 billion. This year is shaping up to see even stronger growth as trade increased 9.9 percent for the first 10 months, outpacing China’s overall trade growth by 4.7 percentage points.
Galvão believes that growing economic ties with China can help more breadline Brazilians improve their living standards. Last year alone, Brazil lifted 8.7 million people out of poverty and cut the rate of extreme poverty from 5.9 to 4.4 percent. “However, we still have a long way to go, in terms of providing the living standards that our people legitimately aspire to,” the ambassador said.
Chinese President Xi Jinping recently travelled to Brasilia for an official state visit, a “culmination of celebrations” as the two countries mark 50 years of bilateral ties this year. Xi and his Brazilian counterpart, Luis Inacio Lula da Silva, agreed to deepen cooperation in key areas including trade, infrastructure, science and technology.
President Xi’s trip concluded with the G20 Summit, held in Rio de Janeiro, a platform which Galvão believes China and Brazil can work together to make “more effective, inclusive and equitable.” One of the focuses of the Rio summit was poverty reduction, “something that both of our countries have managed to do successfully,” he said.
