Singapore, Friday 31 August 2007 - The Singapore Business Federation (SBF) today organized a post-mission information seminar on doing business in Brazil, as a follow up to its business mission there in April this year. The seminar is the second of the Post Mission Information Series, a recent initiative of the SBF to share useful knowledge and practical information gained through business missions to emerging markets. It aims to help Singapore companies that wish to expand their business overseas by providing the latest findings on government incentives and reforms, an assessment of the investment climate and the sharing of experiences by businessmen who have ventured into new and emerging markets.
Today's post-mission seminar follows a successful business mission to Brazil from 14 to 22 April 2007, led by SBF and supported by International Enterprise (IE) Singapore's office in Sao Paulo. The business delegation comprised 8 directors and senior executives of Singapore companies from sectors such as trading, electronics and food and beverage. They met with key business organizations such as the Federation of Industries of Sao Paulo and Federation of Rio Grande do Sul, which expressed their willingness to assist foreign investors in developing their business in Brazil. Four of the participating companies are negotiating business deals worth an estimated S$17 million.
The seminar was aimed at providing the Singapore business community with a comprehensive and unbiased analysis of the business situation and opportunities in Brazil, knowledge on how to navigate the market to engage their counterparts with greater success, as well as observations and insights on doing business in Brazil from the mission participants. In particular, Mr. Kim Yong Hyun, CEO/President of DS Multimedia Pte Ltd and mission leader, will be sharing his personal experience of visiting Brazil more than 7 times to gain entry into the Brazil market. His company specializes in the production of electronic items. In addition, Brazilian Ambassador, H.E. Paulo Alberto da Silveira Soares who just returned from the Forum for East Asia-Latin America Cooperation held in Brasilia, Brazil, will discuss the issues brought up at the forum and the consequent impact on the economies and bilateral relationship of Singapore and Brazil.
"The exchange of ideas and information will not only strengthen social, cultural and economic ties but also create new frontiers for business collaborations between our two business communities", said Mr. Teo Tat Khai, SBF's Deputy Executive Director.
Since 2006, SBF has conducted 9 business missions, covering the less traditional and emerging markets in Africa, Middle East, North Africa and South America, with a total of 120 participating Singapore companies. An estimated S$20 million worth of deals have been concluded, with several other business transactions in the pipeline. Subsequent Post Mission Information Series will cover Saudi Arabia and Libya to offer local enterprises vital business information from countries from different continents.
Brazil is the largest country in South America and occupies nearly half of the continent. Under the leadership of President Luiz Inˇ§ˇécio Lula da Silva, Brazil has attained stability and impressive economic progress. Blessed with abundant natural resources, it is one of the top exporters in the world for agriculture products such as sugarcane (world's largest producer), soybeans and beef. It is also developing its industries aggressively in areas such as textiles, consumer products, machinery and equipment and auto parts. It is targeting to reduce unemployment and forecasts estimate that Brazil will increase its GDP by 3.7% in 2007. (Source: Global Insight World Industry Service)
Trade relations between Brazil and Singapore have grown tremendously. In 2006, total bilateral trade amounted to S$3.16 billion, a 20% increment compared to 2005 and almost 94% increment compared to 2006. Brazil was also Singapore's 28th trading partner in 2006 with total trade of S$3.16 billion. (Source: IE Singapore)