“There are clear points of convergence between our development projects,” he stated.

Mr. Lula emphasized the high expectations for bilateral relations and assured that the Middle Eastern country will always have a privileged ally in Brazil. “We have great expectations regarding the creation of the Bilateral Fund for Investments in Special Opportunities, which will further strengthen our partnership,” he said.

Mr. Lula added that both Brazil and Saudi Arabia are part of the Global South, with a shared goal to lead investment projects beneficial to this region. He expressed his hope to see representatives from the Middle Eastern kingdom at BRICS, G20, and COP30 meetings.

The president asserted Brazil’s commitment to becoming a significant global player, stressing the need to think big and define priorities for foreign investors. He claimed that no other country can offer the quality of investment opportunities that Brazil presents.

President Lula mentioned Brazil’s plans to explore the Equatorial Margin for oil and gas, ensuring environmental protection, and noted that the commencement of operations in this region is only a matter of time.

Reflecting on past economic growth, Mr. Lula recalled that Brazil experienced a 7% annual growth rate in the 1980s but noted that the benefits were not well distributed. He pointed out that despite past growth, there are still people facing food insecurity, indicating that “something is missing.”