Brazil looks to expand energy trade and investment in Malaysia, says top envoy

Brazil looks to expand energy trade and investment in Malaysia, says top envoy

10 Jul 2024

Brazil is looking to increase bilateral trade and investment with Malaysia, mainly in the renewable energy and oil and gas sectors, said its top envoy.

The energy sector has been a mutual investment in strengthening the ties between Brazil and Malaysia, said Brazilian Ambassador to Malaysia Ary Norton de Murat Quintella at the Brazil-Malaysia Energy and Investment Forum on Wednesday.

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

Malaysia was the 14th biggest market for Brazil in 2023, according to Quintella. Malaysia’s exports to Brazil grew 7.2% year-on-year to RM5 billion in 2023, Malaysia External Trade Development Corp (Matrade) data showed.

State energy firm Petroliam Nasional Bhd or Petronas has invested more than 24 billion Brazilian reais (RM22.93 billion) in Brazil. Companies like Yinson Holdings Bhd (KL:YINSON) and Sapura Energy Bhd (KL:SAPNRG) also operate production vessels in Brazil.

Prime Minister Datuk Seri Anwar Ibrahim is planning to visit Brazilian President Luis Inacio Lula da Silva in November, which Quintella said would be an opportunity to develop dialogue in the energy sector.

“By having all the important actors in government and industry present in Brazil, we can take further steps to increase [investment in] the energy sector,” he said. “We can encourage, deepen, and forge partnerships.”

On Tuesday, Anwar told the Dewan Rakyat that Malaysia is likely to be admitted into intergovernmental organisation BRICS (which comprised Brazil, Russia, India, China and South Africa initially) as a ‘partner country’ soon.

This came after Anwar’s phone call with Lula in February, which among the discussion was Malaysia’s wish to join BRICS.

BRICS was originally conceived as an investment idea by a Goldman Sachs economist, before it was turned into an actual geopolitical bloc in 2009. South Africa joined a year later, before it was expanded by including new members Iran, Egypt, Ethiopia, and the United Arab Emirates.

Source: The Edge Malaysia