Economic ties between Singapore and Brazil are increasing, with bilateral trade having expanded by an average of 29 percent since 2004 to reach 2.3 billion U.S. dollars last year, said Singapore's Trade and Industry Minister Lim Hng Kiang Friday.
Speaking at a seminar themed "Brazil: The next leap" organized by the Singapore Business Federation, Lim pointed out "There is thus tremendous potential for further expansion."
Total trade with Brazil, Singapore's second largest trading partner in Latin America, nevertheless constituted only 0.4 percent of the city-state's total trade, he added.
Investments have also been growing with Singapore now the second largest Asian investor in Brazil after Japan. Foreign direct investment (FDI) from Singapore totaled 171.1 million U.S. dollars between 2001 to 2005.
To expand trade and investment links between the two countries, the Singapore Business Federation and the Federation of Industries of the State of Sao Paulo (FIESP) signed a Memorandum of Understanding here Friday.
"This MOU will involve identifying and pursuing business cooperation as well as sharing of information and experiences to further drive business collaborations," said the minister.
Source: Xinhua
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