Jebel Ali Free Zone, Jafza, and Investe Sao Paulo, a Brazil-based investment promotion agency signed a memorandum of understanding, MoU, to leverage Dubai as a business promotion hub to reach countries and customers in the GCC, Northern Africa, Asia and more.

Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, and Chairman of Ports, Customs and Free Zone Corporation, and Juan Quiros, President of Investe Sao Paulo, signed the MoU on the sidelines of the Global Business Forum on Latin America, organised by the Dubai Chamber of Commerce and Industry.

The MoU aims to create opportunities for Brazilian companies in the UAE and ensure easy access to Brazilian products in the newer markets of Middle East, South Asia, Africa and the Council of International Schools (CIS). The two sides will organise joint activities and events to encourage mutual investments and facilitate exports and exchange of goods.

The MoU will enable the UAE free zone to deepen trade ties with Brazil and attract companies from the Latin American country, Bin Sulayem said.

"Jafza has been a pioneer in the development of free zones, regionally and globally, and is integral to helping DP World realise its vision of leading the future of world trade. Over the past three decades, we have represented the vision of our leader to transform Dubai into a global business centre. At the same time, we have supported our customers in their business expansion plans, ensuring swift and efficient logistics to newer markets in the Middle East, Africa, South Asia and the CIS," he said.

"We have continually attracted companies to Dubai by building strong partnerships with governments around the world. Over the past few years, trade between Jafza and Brazil has steadily grown to reach US$764 million in 2015. Through the MoU, we are joining hands with Investe Sao Paolo to identify traders and investors from Brazil who are keen to explore the region and educate them on the opportunities and advantages of setting up their companies in Jafza," Bin Sulayem noted.

"Brazil is considered as one of the leading exporters and producers of foodstuff, and the region offers a growing number of opportunities in the food and beverage sector across the Middle East and GCC," he said.

"This MoU is a strategic and major advancement in the economic relations between Dubai, the UAE and Sao Paulo, which is the fourth largest economy in Latin America, and has 44 million inhabitants. With this co-operation, Brazilian companies based in Sao Paulo will benefit from special trade conditions and support from Jafza and Investe Sao Paulo in their efforts to reach this important regional market. Now products made in Sao Paulo will use Dubai as a hub to reach countries and customers in the GCC, Northern Africa, Asia and more," Quiros added.