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RIYADH: The Saudi Ministry of International Affairs on Thursday produced a joint statement on the visit of President of Brazil Luiz Inacio Lula da Silva to the Kingdom and the shared areas the two countries aim to improve cooperation in.

On Tuesday, Crown Prince Mohammed bin Salman been given Lula at Al-Yamamah Palace in Riyadh. The Brazilian president was in the Kingdom from Nov. 28 to Nov. 29.

Lula congratulated the crown prince on profitable the bid to host Expo 2030.

The crown prince and Brazilian president reviewed bilateral relations involving the two nations around the world and methods to develop them. They also exchanged sights on latest regional and international predicaments.

The two nations agreed to build the Saudi-Brazilian Coordination Council to body and increase joint cooperation. The leaders also agreed to comprehensive the initial treatments and activate the council with its committee users in the in the vicinity of potential.

The crown prince and the Brazilian president talked about financial, trade and financial investment cooperation and reviewed the most notable challenges of the global overall economy and techniques to boost and diversify intra-regional trade. They also talked about ways to intensify joint private-sector partnerships.

The leaders praised the success of the Brazilian-Saudi Financial commitment Forum, held in Sao Paulo in August 2023, which observed the signing of 25 investment decision agreements in between the two countries, valued at about $3.5 billion.

In light of the latest boost in bilateral trade involving Brazil and Saudi Arabia, the two sides mentioned ways to further more develop trade and investment, and agreed to deepen the partnership in other important spots this kind of as defense, science, technological know-how, renewable electrical power, instruction, local climate and room cooperation.

The leaders agreed on establishing a system for dialogue on investments to encourage and aid investments.

They also agreed on the will need to bolster negotiations between money and investment decision businesses this sort of as the Brazilian Progress Financial institution and the General public Investment Fund, and the need to reinforce the stimulation of bilateral talks to aid investment decision and increase the business ecosystem.

The leaders welcomed the signing of an MoU between the Countrywide Industrial Advancement Heart and Brazil’s Vale to establish a manufacturing unit and logistics heart for the manufacture of significant-good quality iron pellets.

They also welcomed the signing of an MoU involving the two countries’ electrical power ministries.

The two sides reviewed the importance of strengthening cooperation in the agricultural, fishery and animal fields. They agreed on the relevance of enhancing cooperation in aviation, food items producing and distribution, communications, know-how, digital economy, innovation and area.

Other parts of improved cooperation provided combating cross-border corruption crimes, judiciary and justice cooperation, transportation and logistics, wellness, international initiatives to confront recent and foreseeable future pandemics, education (performing with universities to improve the trade of academic, academic and research experiences).

The final parts of increased cooperation talked about included radio, television and information exchange, and training and cooperation in the cultural regions of museums, new music, theater, performing and visual arts.

On Brazil’s presidency of the G20, the two leaders stressed the significance of offering precedence to the 3 proportions of sustainable development — economic, social and environmental.

They highlighted the value of intensifying endeavours to attain a thorough and just settlement of the Palestinian-Israeli conflict in accordance with the theory of the two-condition alternative.