Singapore's Minister for Trade and Industry (MTI) Lim Hng Kiang, who will visit Brazil 7-10 May, said that he is confident that Brazil's economy will continue to offer vast opportunities that Singapore businesses should seize.
"Today, there are already more than 50 Singapore companies operating in Brazil and I would like to encourage more to actively pursue the opportunities in all sectors, especially oil and gas, infrastructure and e-government. Conversely, Brazilian companies that are looking to take advantage of Asia's growth could use Singapore as a gateway to the regional market," the press release by MTI quoted Lim as saying on Saturday.
He said: "I am therefore happy to note that we are continually strengthening bilateral trade and investment ties between our two countries."
During the visit, Lim meet Brazil's Minister for Development, Industry and Foreign Trade Fernando Pimentel to advance discussions on economic cooperation between the two countries. The Ministers will discuss ways to tap the growing business opportunities in both countries.
Emphasising that Singapore remains highly committed to enhancing economic collaboration with Brazil, Lim will also be meeting with other senior officials, including the Governor of Rio de Janeiro Srgio Cabral and senior representatives from prominent Brazilian companies.
He will also visit Singapore companies in Brazil, including Keppel FELS Brasil's BrasFELS shipyard in Angra dos Reis. Keppel FELS Brasil is a wholly-owned subsidiary of Keppel Offshore and Marine.
Brazil is one of Singapore's top trading partners in Latin America. In 2011, bilateral trade amounted to 3.35 billion US dollars, an 11 percent increase over the previous year. The number of Singapore-based companies with interests in Brazil is growing, in sectors spanning oil and gas, ports and shipping, freight and logistics, commodities, aerospace, consumer electronics and information and communications technology./.