TRADE AND INVESTMENTS
In another joint statement released on Tuesday, the two countries said they recognise the importance of continuing to develop bilateral economic and trade relations, and vowed to strengthen cooperation in agriculture, science and innovation.
Ahead of Lula’s visit, Beijing lifted restrictions for Brazilian soybean shipments from five firms previously suspended over phytosanitary concerns as China sought to pivot away from US imports.
China, which purchases more than 60 per cent of globally traded soybeans, sources over 70 per cent of its imports from Brazil.
At a business forum attended by Lula in Beijing on Monday, Brazil’s trade and investment promotion agency said it helped attract around 27 billion reais (US$4.8 billion) of Chinese investment to Brazil.
Chinese automaker Great Wall Motor, delivery giant Meituan, and Chinese energy, metal and beverage companies, including CGN Power, Envision, Mixue and Baiyin Nonferrous Group, announced investments in Brazil worth between two billion and six billion reais.
The deals covered a broad range of categories, including sustainable aviation fuel, electric vehicles, semiconductors, insulin and coffee beans.
In Brasilia last November, Xi and Lula upgraded the status of their diplomatic relations and struck more than three dozen agreements to cooperate on infrastructure, energy, agribusiness and other strategic sectors.
They will meet again in Rio de Janeiro at the BRICS summit in July, with Xi’s attendance confirmed.
Xi is also expected to visit Brazil for the United Nations climate summit in November, which officials expect to include some 1,000 Chinese business leaders.
