Saudi officials in Brazil for talks as global powers vie for influence in South America

[ad_1]

Semafor Signals: Global insights on today's biggest stories.

Brazil is just the start for Riyadh The summit in Brazil is a first step for the Saudis’ push into Latin America as a whole, Americas Quarterly noted. The kingdom wants to diversify its economy away from oil under its ambitious Vision 2030 plan, including by setting up new trade partnerships and global initiatives. To fund some of these projects, it recently sold shares of its national oil company, Aramco. Strengthening ties with Latin America is part of that diversification strategy. The kingdom is considering opening an embassy in Colombia and striking a deal to build or assemble Brazilian airliners in Saudi Arabia. Aramco also recently acquired a Chilean fuel retailer. “They want all of Latin America close to them,” an analyst told Americas Quarterly.

Brazil wants investment in infrastructure and industry Brazil has a lot to gain from deepening ties with the Saudis, and it hopes to attract more investment in industry and infrastructure, as well as get its hands on fertilizer from the Gulf for agriculture, Al Jazeera reported. Other potential areas of collaboration include food security, climate, and energy — talks with Saudi investors to launch a $600 million fund to invest in the sector are reportedly underway, Bloomberg reported — and defense cooperation. So far, Riyadh is pouring a lot more money into Brazil than the other way around, Bloomberg added, about $1 billion versus $300 million in 2022. It may take a few years before Brazil starts investing more in the kingdom, an analyst said.

China and Russia are also building clout in Latin America to challenge the US The United States, Russia, and China have ramped up their efforts to bolster their own relations across South America, but their approach and goals vary, the Atlantic Council noted. China and Russia are both trying to challenge the US’ dominance and create a more “multipolar” world. China is taking a more comprehensive approach that’s focused on economic investment, particularly through its Belt and Road Initiative, while Russia has so far prioritized military cooperation and security pacts with autocratic regimes like those of Cuba, Nicaragua, and Venezuela — which are all major customers for Russian military equipment sales, too.

[ad_1]

Source link : https://www.semafor.com/article/06/12/2024/saudi-officials-in-brazil-for-talks-as-global-powers-vie-for-influence-in-south-america Author : Publish date : 2024-06-12 14:53:00 Copyright for syndicated content belongs to the linked Source .

M	T	W	T	F	S	S
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28
29	30	31

Saudi officials in Brazil for talks as global powers vie for influence in South America

Human rights in Argentina Amnesty International

India seal Super 8s place after edging USA by 7 wickets

India seal Super 8s place after edging USA by 7 wickets

Trump’s Bold Decision to Support Argentina Ignites Fury Among ‘America First’ Advocates

Devastating Pickup Truck Explosion in Ecuador Leaves One Dead and Two Injured

Major Breakthrough: El Salvador’s Notorious Gang Leader Arrested in the U.S

Empowering the Arctic: A Game-Changing Initiative in Greenland

All Camp Mystic Campers Found: Latest Update on the Guadalupe River-Cypress Lake Flood Crisis

Is Democracy a Fundamental Human Right? Unpacking Guatemala’s Push for an Advisory Opinion in the Inter-American System

Guardians of the Caribbean: Unraveling the Dynamic Dance of Energy and Security

Facing the Unthinkable: A Haitian-American’s Battle Against Deportation

Trump Champions Freedom for Ex-Honduran President as Election Countdown Heats Up

USA vs. Jamaica: A Legendary Clash in Track & Field!

Categories

Archives