World news story

Promoting the UK as an investment destination in Brazil

Chief Secretary to the Treasury, Elizabeth Truss visits Brazil to build relationships

placeholder

The Chief Secretary is this week visiting Brasilia and Sao Paulo for bilateral meetings with authorities and will follow-up on the second UK-Brazil Economic and Financial Dialogue (EFD), particularly on infrastructure. Latest figures show that bilateral trade between UK and Brazil is worth £5.4 billion a year. Therefore, it is vitally important that the UK government engages with our partner and builds on our existing relationships. Chief Secretary to the Treasury, Elizabeth Truss said: “This year we have seen record investment in the UK and rising exports to destinations around the globe. Latin America is a massive growth market. Countries like Brazil are reforming their economies and want to grow and trade.” “I am visiting this week to strengthen our links, meet businesses and investors and promote the free enterprise message. And as we leave the European Union and establish an independent trade policy we will be able to negotiate new trade agreements with major trading partners, like Brazil.” The Chief Secretary will visit the GSK-Butantan Centre of Excellence. One of the largest biomedical research centres in the world, responsible for 51% of Brazil’s vaccine production. UK-based pharmaceutical giant GSK and the São Paulo State Research Foundation (FAPESP) partnered to fund the Centre of Excellence together in 2013. She will also visit the University of Sao Paulo to visit the Shell Lab where the UK has collaborated with the University on a number of projects. Additionally, she will give a speech to the Instituto Millenium, one of Brazil’s biggest think-tanks, on the importance of free enterprise. The Chief Secretary will discuss the next steps of the EFD, including British support for Brazil joining the Organisation for Economic Co-operation and Development (OECD), which is a fundamental part of the EFD, and working towards agreeing a UK-Brazil Double Taxation Agreement, a top ask from British businesses.

Published 10 April 2018