Brazil eyes Chinese participation in its neo-industrialization effort

SAO PAULO, Oct. 23 (Xinhua) -- The Brazilian government said Monday that it looks forward to Chinese participation in its neo-industrialization featuring sustainability programs promoted by President Luiz Inacio Lula da Silva.

"We hope that China could contribute to Brazil's neo-industrialization process and at the same time, we Brazilians have companies and technologies to contribute to China's low-carbon energy transition," said Eduardo Saboia, secretary of Asia and the Pacific of the country's foreign ministry.

Brazil attracted 48 percent of Chinese investment in Latin America between 2005 and 2022, said the diplomat at the Annual Conference of the Brazil-China Business Council in Sao Paulo.

"New opportunities are opening up for China in Brazil, such as electric mobility and clean energy, where industrialization will play a fundamental role," Saboia said.

"China, in particular, has established long-term public policies for the decarbonization of its energy matrix, which are reflected in huge investments in renewable energies, low-carbon economy and decarbonization," the official said.

In his closing speech, Brazil's Vice President Geraldo Alckmin said that relations with China are the "most prosperous" for Brazilians, because there is potential for more trade and cooperation amid a "problematic" global situation.

"Trade relations with China are the most prosperous, ranging from health, mining, agribusiness, finance, energy of all kinds and oil, while we have large companies investing in Brazil," Alckmin said.

"We must further strengthen the relationship that will generate employment, improve people's lives and show that in a troubled world we can have more trade and cooperation, and walk together," the vice president concluded.