Brazil seeks to expand energy trade, investment in Malaysia, ambassador says

KUALA LUMPUR (July 10): Brazil seeks to expand bilateral trade and investment with Malaysia, mainly in the renewable energy and oil and gas sectors, its envoy said.

The energy sector has become a mutual investment to strengthen ties between Brazil and Malaysia, Brazilian Ambassador to Malaysia Ali Norton de Murat Quintera said at the Brazil-Malaysia Energy Investment Forum on Wednesday.

“We are ready to work to increase Malaysian investment in Brazil as well as Brazilian investment in Malaysia,” he said.

According to Quintera, Malaysia was Brazil’s 14th largest market for 2023. Malaysian exports to Brazil rose 7.2 percent year-on-year to reach 5 billion ringgit in 2023, according to data from Malaysian External Trade Development Corporation (MATRADE).

State-owned energy company Petroliam Nasional (Petronas) has invested more than BRL 24 billion (RM22.93 billion) in Brazil. Companies such as Yinson Holdings (KL:YINSON) and Sapura Energy (KL:SAPNRG) also operate production vessels in Brazil.

Prime Minister Anwar Ibrahim is due to visit Brazilian President Luiz Inacio Lula da Silva in November and Quinteras said this would be an opportunity to develop dialogue in the energy sector.

“We are taking a further step by bringing together in Brazil all the key government and industry players. [investment in] “In the energy sector, we can encourage, deepen and build partnerships,” he said.

Anwar told state media Dewan Rayat on Tuesday that Malaysia was likely to soon become a member of BRICS – initially comprising Brazil, Russia, India, China and South Africa – as a “partner country”.

This came after President Anwar spoke to President Lula by phone in February during which they also discussed Malaysia’s desire to join BRICS.

BRICS was originally conceived as an investment idea by economists at Goldman Sachs and transformed into an actual geopolitical bloc in 2009. South Africa joined a year later and has since expanded to include Iran, Egypt, Ethiopia and the United Arab Emirates.

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