Brazil, Colombia Presidents Seek To Double Bilateral Trade
By Artur em 20/10/2009 :: Talk wiht us
Presidents of Brazil and Colombia said after a meeting Monday that they will seek ways to double bilateral trade next year from the 2008 level of $3 billion.
Brazilian President Luiz Inacio Lula da Silva met with Colombian counterpart Alvaro Uribe during an investment seminar in Sao Paulo, Brazil's largest city and business hub.
"I have a little more than a year and two months left in my term of office and I want to see bilateral trade with Colombia doubled by the end of that time," said President Lula at a joint news conference.
President Uribe said the two countries were currently realizing only 20% of bilateral trade potential. The two presidents agreed that bilateral trade could escalate to over $10 billion within the next decade.
At the investment seminar, President Lula called upon Brazilian business executives to increase fixed investment in Colombia, which is currently about $1.3 billion.
"The Brazilian National Development Bank is ready to help in this effort," said Lula. He said the bank, more commonly known as the BNDES, was ready to provide loans for investment projects in Colombia in the areas of energy, agriculture and infrastructure.
"Brazil recognizes that it is the largest economy in the region and must, therefore, take a leadership role in regional integration," said President Lula.
In particular, Lula urged Brazilian mining company Vale S.A.(VALE, VALE5.BR) to increase its Colombian investments, which currently stand at $380 million.
Source: WSJ
online.wsj.com
Brazilian President Luiz Inacio Lula da Silva met with Colombian counterpart Alvaro Uribe during an investment seminar in Sao Paulo, Brazil's largest city and business hub.
"I have a little more than a year and two months left in my term of office and I want to see bilateral trade with Colombia doubled by the end of that time," said President Lula at a joint news conference.
President Uribe said the two countries were currently realizing only 20% of bilateral trade potential. The two presidents agreed that bilateral trade could escalate to over $10 billion within the next decade.
At the investment seminar, President Lula called upon Brazilian business executives to increase fixed investment in Colombia, which is currently about $1.3 billion.
"The Brazilian National Development Bank is ready to help in this effort," said Lula. He said the bank, more commonly known as the BNDES, was ready to provide loans for investment projects in Colombia in the areas of energy, agriculture and infrastructure.
"Brazil recognizes that it is the largest economy in the region and must, therefore, take a leadership role in regional integration," said President Lula.
In particular, Lula urged Brazilian mining company Vale S.A.(VALE, VALE5.BR) to increase its Colombian investments, which currently stand at $380 million.
Source: WSJ
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