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Singapore To Flourish Economic Relations With Brazil

Singapore is looking ahead at doing more business with the South American capital city of Brazil.

Singapore’s Minister Of Trade And Industry Mr. Lim Hng Kiang had concluded his May 7-10, 2012 visit to the Latin American economic giant in high spirits. Brazil is predicted to become one of the five largest economies in the world in the next decades and growth in the oil, gas, shipping, freight and logistics, communications, aerospace, and consumer electronics sectors seen as the biggest purveyor of the Latin American capital city’s robust economy.

Mr. Lim visited with his Brazilian counterpart Fernando Pimentel along with top brass representatives of the biggest Brazilian firms and also with Rio de Janeiro governor Sergio Cabral.

Singapore and Brazil’s economic relations are mainly propelled by the forum for East Asia-Latin American Cooperation, which creates initiatives for the two nations to build socio-cultural relations as well.

Singapore is looking forward to welcoming Brazilian companies seeking company registration in the republic from these varied and fast-growing sectors. Conversely, the Republic is expecting more Brazilian expatriates seeking to leverage on Singapore as the strategic launch pad for businesses in the Asia-Pacific region. This is mainly driven by Singapore’s attractive taxation, a pro-business environment, and the Republic being Asia-Pacific hub for consumer business.

In 2011, Singapore-Brazil trading reached US$ 4.16 billion, a significant 11% increase from trading in 2010. Both nations are looking forward to more collaboration in years to come.

While in Brazil, Mr. Lim also toured Singapore firms located in Brazil, particularly the Keppel FELS Brasil, a wholly-owned subsidiary of Keppel Offshore and Marine.

The visit by Mr. Lim during which he held high-level meetings intended to boost economic ties between the two countries is a furtherance of the initial meeting between Prime Minister Lee Hsien Loong and Brazilian President Dilma Rousseff at the G20 Summit last year.