Brazil-Africa trade to reach $60bn by 2017

2011-11-17 11:20

Sao Paulo – Brazil’s trade with Africa could triple to $60 billion (R490.7 billion at current exchange rate) by 2017, according to business leaders here who also highlighted the South American behemoth’s potential as a development model for the continent.

“I believe that trade could reach $60 billion in six years,” said Roberto Giannetti da Fonseca, head of foreign trade at the Sao Paulo Industrial Federation (FIESP), who noted that trade already tripled to $20 billion between 2004 to last year.

He made his remarks at a conference on the private sector’s role in African development that brought together local entrepreneurs, diplomats, Brazilian government officials, economists and representatives from multilateral organisations.

Da Fonseca saw great prospects for boosting Brazilian exports to the African continent, particularly farm machinery which – unlike agricultural equipment from Europe or the United States – is particularly suited to Africa’s tropical conditions.

Brazil is a tropical country where business leaders have a good understanding of challenges faced by African countries, he added.

Experts noted that Brazil currently runs a trade deficit of nearly two billion dollars with Africa, which they attribute mostly to large imports of oil from Nigeria.

And they pointed out Brazil’s state-owned energy giant Petrobras, which has a significant presence throughout the continent, helps produce Nigeria’s sought-after high-grade Bonny Light Crude oil.

“What we saw today was high-level interest from a number of very influential Brazilian business people and government officials,” said Bobby Pittman, vice-president of the African Development Bank.

“We Africans know that there is a lot to learn from the Brazilian experience,” Pittman said.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.