RIO DE JANEIRO: The Malaysian delegation to Brazil led by Prime Minister Datuk Seri Anwar Ibrahim has secured RM6.8 billion in potential exports over the next five years.
This followed a roundtable meeting between the Malaysian delegation and 58 captains of industry representing 28 major companies and business groups in Brazil.
In a statement, the Investment, Trade, and Industry Ministry said the Malaysian delegation also included representatives from 19 companies and agencies in Malaysia including those from the aerospace, semiconductor, medical devices and IT sectors.
The roundtable meeting was part of Anwar's four-day visit to Brazil, which coincided with the G20 Summit here.
The ministry also said two memorandums of understanding (MoUs) related to the semiconductor industry were signed during the four-day visit.
These MoUs were for collaborations between MIMOS Bhd and the Eldorado Institute of Brazil as well as between the Malaysian Semiconductor Industry Association and the Brazilian Electrical and Electronics Industry Association.
The ministry said cooperation in the semiconductor sector is in line with Malaysia's National Semiconductor Strategy.
Trade relations between Malaysia and Brazil have shown encouraging growth, with bilateral trade value increasing by 19.8 per cent to RM14.83 billion (US$3.2 billion) from January to September, compared to RM12.38 billion (US$2.74 billion) for the same period last year.
Brazil was Malaysia's second-largest trading partner in Latin America last year, with investments valued at RM8.64 billion (US$2.73 billion) in food, rubber, transportation and global distribution hubs sectors.
In addition, Malaysian companies such as Petronas, Yinson, and Sapura have strengthened their presence in Brazil, with investments in the energy, oil, and gas sectors exceeding US$15 billion.
The ministry said it is optimistic that Malaysia-Brazil trade and investment relations will continue to grow as a result of cooperation in high-value sectors such as semiconductors.
"(This cooperation) is expected to have a positive impact on the economies of both countries, creating more opportunities for investors and local businesses," it said.